Armenia’s Ministry of Defense Signs Contracts Worth Over 170 Billion AMD with Local Defense Industry
Last year, Armenia’s Ministry of Defense signed contracts worth over 170 billion AMD (approximately $430 million) with local defense industry companies. This was announced by Minister of High-Tech Industry Mkhitar Hayrapetyan during a summary press conference on January 9.
Hayrapetyan noted that just five years ago, these companies could not provide even 20% of this volume or technological solutions. According to him, the sector is growing, demonstrating positive dynamics.
Hayrapetyan also reported that in 2024, Armenia’s state spending on the development of new defense technologies and research increased from 1.1 billion AMD in 2023 to 1.45 billion AMD.
The minister also addressed the financial situation of defense industry companies, highlighting that last year they not only managed to pay off existing debts but also became profitable.