Google, Intel, IBM and Oracle to discuss possible activities in Armenia

ARMINFO
Thursday, December 27, 09:44

The leaders of Google, Intel, IBM and Oracle will pay a visit to
Armenia in spring 2013 to discuss the possibilities of their
activities in Armenia, Armenian Economy Minister Tigran Davtyan said
at today's press conference.

He said that the relevant agreements were reached during the meetings
of the Armenian governmental delegation with representatives of these
companies during V ArmTech Congress in the Silicon Valley (California,
USA) in December 2012.

At the same time, agreement was reached with Corporation America
(owned by Eduardo Eurnekian, Armenian businessmen from Argentina) on
construction of a chip production plant in Armenia, in the free
economic area of Zvartnots Airport in Yerevan (the concessionaire of
which is Armenia International Airports also owned by Eduardo
Eurnekian).

He said that some $25mln will be invested in the plant, with the
construction period to be specified by a special agreement. "They
already have a similar plant in Argentina," Davtyan said.

When asked to specify the parameters of the venture fund to be set up
in Armenia according to an agreement signed in the Silicon Valley
recently, the Minister said that at the initial stage its capital will
be small because it has few investors yet.

"The main thing is that the fund will finally be created," he said,
adding that the agreement on its parameters and mechanisms will be
signed within the next six months.

In 2011 350 IT companies of Armenia (including 107 branches of foreign
companies) earned a total of $205mln (including $120mln in exports).
As of late 2011 they employed 6,760 people.