American microelectronics manufacturer Microchip Technology, with a market capitalization of $45 billion, will open a branch in Armenia. This will happen through the acquisition of the Armenian company Instigate Semiconductors, with which Microchip Technology reached an agreement 2 years ago to create a team of relevant specialists in Armenia, which, in turn, was fulfilled.

The company’s CEO, Mr. Weyer noted that "Microchip Technology" is interested in implementing programs in the Armenian market and plans to carry out activities in such areas as software, microchip production, and industry education.

The Armenian IT sector is developing rapidly and showing significant results with an average growth of 28%, and 52% in 2022.  Armenia's start-up ecosystem has been recognized as the best in the Caucasus, for the first time an IT company has been ranked among the top 10 taxpayers in Armenia in 2022, moreover, globally known IT companies such as NVIDIA, Adobe, Synopsis, AMD, TeamViewer, Renderforest, Miro and BostonGenes choose Armenia as their next location.