(Armradio) – Armenia will see a 122 percent growth in its military budget for FY 2020, Minister of High-Tech Industry Hakob Arshakyan said at the National Assembly.
Addressing the Parliament today, the Minister said the budget envisages AMD 12.5 billion to the Ministry, of which AMD 6.3 billion will be allocated to the military production.
Part of the fund will be directed at the implementation of research programs, Minister Arsahakyan said, adding that the rest will be spent on developing the producing capacities, taking into consideration Armenia’s defense needs and the opportunities of taking Armenian goods to foreign markets.
“On many occasions, the government has declared talent, innovation, high technologies and military production a priority, and the budget of the newly created Ministry of High-Tech Industry is built upon these priorities,” the Minister stated.
He said that for this purpose the 2020-2025 strategy of high-tech development, advancement and digitization of military production has been developed and will be made public soon.
The State Budget also envisages AMD 1 billion for about 90 grant programs to help startups to grow their ideas into products and then business.
With a view of internationalizing the Armenian products, funds will be allocated to promote the participation of Armenian companies in different international event and organization of international exhibitions in Armenia.