Portuguese supplier of telecommunications equipment LoRin Network is rolling out a nationwide network of approximately 6,000 gateways in Portugal with plans for additional networks in Asia, Europe, and Africa. The new network will help to develop low-power LoRin solutions based on the Wide Area Network (LoRaWAN) for the Internet of Things (IoT), CEO Talis Tal-Or said in an interview with Connectivity Business News.

The company uses the Internet of Things, technology, and strategic partnerships to offer solutions to the most pressing issues that threaten the planet's sustainability, from air pollution and climate control to food and water shortages, waste recycling and management, to fire detection and prevention. In addition, the company believes that technology should be used to support the environment and overall global sustainability.

The company said in this statement: “In addition to being known for its beautiful scenery, fascinating history, and delicious cuisine, Armenia is currently looking to expand its information and communications technology industry.” This is how the company explained its decision to start work in Armenia. LoRin also noted that it will help provide ideal IoT solutions “for this incredible country with so much potential.”

The IT sector in Armenia over the past 10 years has shown unprecedented growth, recording an average annual growth of 23%. Over the past 2 years, more than 20 start-up companies in Armenia have received a total of $700 million in investments. Armenian start-ups with less than 30 employees are exempt from income tax until the end of 2023, and the income tax for employees is 10%. As of 2021, the total turnover of IT companies operating in Armenia exceeded $1 billion. As of 2021, the industry employs 29,000 professionals.