The Armenian capital city of Yerevan will be home to the first Innovation and Technology Park in the region, which will recruit 6000 leading professionals to lead the integration of IT and innovation into all the major industries of the country, including engineering, finance, banking, healthcare, insurance, agriculture, mining, media, and telecommunication.

Currently, there are many different small and medium IT and engineering parks in the world. The Innovation and Technology Park whose construction is underway in Yerevan will be the first multi-industry park among CIS and Eastern European countries in terms of industries and companies involved.

The philosophy of the Innovation and Technology Park is the creation of an "ecosystem of innovation", which will be possible through the involvement of educational, research and development institutions along with startups, venture funds, incubation and acceleration programs.

The park claims to offer an environment where IT meets major industries and define innovative products and services of future generations – putting Armenia and Armenian innovative products onto the global innovation map.

The initiative is the brainchild of the Galaxy group of companies and the Armenian IT community. The planning phases having lasted more than 2 years, the details of the large-scale project will be released soon.