Prime Minister Sargsyan at the Armenian Representation in Silicon Valley

PALO ALTO—At the conclusion of the ArmTech 2012 conference, Armenia’s Prime Minister Tigran Sargsyan attended an official opening ceremony for the Armenian office information and high technologies in the Plug and Play Technology Center.

The prime minister’s press service reported that the opening ceremony was followed by the singing of memorandum on the creation of the first Armenian venture foundation. The venture foundation will serve as a unique opportunity for new IT organizations to provide financial investments.

Sargsyan discussed several issues related to the ArmTech 2012 conference, the purpose and work of the Armenian representation in Silicon Valley, as well as future plans for the IT sector in Armenia.

“All previous conferences seem to have been a precursor for the fifth ArmTech. Today we managed to present the serious achievements of Armenia in the IT sphere. Here we have registered four significant achievements, which will have a positive impact,” said Sargsyan.

The prime minister emphasized the importance of cooperation between the government and private sector and creation of a venture foundation on a 50-50 basis, which will also support the development of IT sphere in Armenia.

Agreement with IBM
Sargsyan also visited the headquarters of IBM in Silicon Valley. An agreement was reached with the IBM to set up a joint task force to study opportunities, potential and prospects for cooperation.

IBM representatives will visit Armenia to familiarize themselves with the activity of IT companies.

The task force will present the results of the study by the end of the first quarter of 2013, after which the Armenian Government and IBM will consider an agreement on the implementation of future joint programs.