Armenia to allocate $393 million for defense industry development by 2029

Armenia plans to allocate more than 150 billion drams ($393 million) for the development of its defense industry during 2026–2028, continuing its policy of three-year contracts, Armenia's Minister of High-Tech Industry Mkhitar Hayrapetyan said on social media, Report informs.

"The Ministry of Defense of Armenia has already begun discussions with 30 companies regarding new three-year contracts. Under the first three-year program, aimed at developing the military industry, contracts worth more than 171 billion drams ($448 million) were signed with 28 companies for 2023–2025. This has become the cornerstone of the development of the Republic of Armenia's military-industrial complex," the minister stated.