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Government’s 2020 budget envisages 122% increase in allocations for military industry

15-11-2019, 12:02 Armenia » Economy
Government’s 2020 budget envisages 122% increase in allocations for military industry

15 November 2019, 12:02 - NovostiNK
2020 state budget allocation for the military industry sector have increased 122% compared to the previous year, Minister of High Technology Industry Hakob Arshakyan told lawmakers during the 2020 budget debates in parliament.

“With the purpose of making Armenia a technological military industrial manufacturing and exporting country, it is envisaged by the 2020 state budget to allocate 12,5 billion drams to the ministry. The 2020 budgetary allocations in the military industry sector have increased nearly 122%, reaching 6,3 billion drams, a part of which will be directed for implementing research and prototype projects, and the other part for the development of industrial capacity – given the country’s defense needs and opportunities for entering foreign markets with Armenian production,” Arshakyan said.

Parliament is holding plenary debates of the 2020 state budget since November 13.


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