Armenia’s military industry budget to grow 122% in 2020

Armenia’s military industry budget to grow 122% in 2020

PanARMENIAN.Net - Budgetary allocations in the military industry will grow by 122% in 2020, Hakob Arshakyan, Minister of High-tech Industry, said on Friday, November 15.

“Out of the AMD 12.5 billion ($26.3 million) to be allocated to the Ministry of High-tech Industry, AMD 6.3 billion ($13.3 million) will be spent on military industry,” Arshakyan was quoted as saying by Shantnews.am.

Some of the expenses, the Minister said, will be directed to scientific research, while the remaining part will be spent on the development of production capacities aimed at exporting Armenian military products to foreign markets.

“To achieve these goals, Armenia has developed a strategy for high-tech and military industry development and digitalization for 2020-2025, which will soon be unveiled to the public,” Arshakyan said.

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