YEREVAN, OCTOBER 24, ARMENPRESS. The Cabinet has approved the bill on creating a national law on space activities.

Minister of High Tech Industry Hakob Arshakyan said that space research and industry require to regulate space activities and develop it on an economically beneficial level, which in turn will contribute to the development of other branches.

Currently space activities in Armenia are regulated only under international law norms.

“At the same time we plan to include space activities in the list of activities subject to licensing and provide these companies with tax privileges until 2030,” Arshakyan said.

The law is expected to have big significance in terms of creating workplaces and other infrastructures.

“The abovementioned will serve as grounds for a quality generation of specialists (engineers, constructors, mechanics etc.) of space activities to be developed in Armenia in the foreseeable future, which in turn will enable Armenia to carry out its own space programs, including launching Armenian spacecrafts and satellites into the space”, the bill says.

Arshakyan said there are two space companies with whom negotiations are underway and the new law will contribute to their activities in Armenia. The companies are engaged in assembling and testing satellites.

Finance Minister Arom Janjughazyan and PM Nikol Pashinyan noted that the tax privileges must be studied in terms of results.

Edited and translated by Stepan Kocharyan