ASSISTANCE OF 125 MILLION DRAMS PROVIDED TO SORSIO INFORMATION TECHNOLOGY COMPANY
Noyan Tapan
Feb 19, 2009
YEREVAN, FEBRUARY 19, NOYAN TAPAN. At the February 19 sitting,
the Armenian government made a decision to provide assistance of
125 million drams (403.8 million USD) to Sorsio company (IT sector)
within the framework of programs aimed at developing the Armenian
economy. The minister of economy Nerses Yeritsian announced that the
investment program submitted by the company has been approved by the
operative staff set up at the government with the aim of discussing
programs on support for the private sector.
The minister said that the company currently has 50 employees, pays
taxes of 39 million drams a year, and its turnover makes 125 million
drams. As a result of the assistance, it is envisaged increasing
the number of jobs to 200, that of customers – from current 1,000
to 80 thousand within 5 years, and the revenues are expected to
grow 120-fold.
The prime minister Tigran Sarsgian underlined that the government
support will allow the company to increase its exports to 60 million
USD. Sorsio’s production is mainly sold abroad so it plans to open a
representative office in Silicon Valley. "Despite the global economic
crisis, this company managed to find its place in the market, and
now we help it emerge as a winner under conditions of the crisis
when many are unable to withstand competition in the IT sector,"
the prime minister said.