YEREVAN, October 7. /ARKA/. The UAE-based Mubadala Investment Company is looking into the possibility of setting up venture funds in Armenia, Khomein Al Shimmari, the head of the Aviation and Engineering Services Division at Mubadala Investment, said today at a meeting with the Prime Minister of Armenia, Nikol Pashinyan, in Yerevan.

"We have good impressions of the technological sector of Armenia and we are interested in cooperation, in particular, in the formation of venture capital funds," the press service of the Armenian government quoted Al Shimmari as saying.

It said the sides exchanged thoughts on the prospects of partnership in the IT sphere. Pashinyan was said to have spoken about political changes in the country, noting that serious steps are being taken to overcome systemic corruption with the aim of raising the investment attractiveness of the Armenian economy.

"Our strategy is to develop the technological sphere, which has huge potential. The IT sector in our country is developing dynamically, we have created the Ministry of High Technology Industry and the possible cooperation with your company is interesting to us," Pashinyan noted.

Representatives of Mubadala Investment Company are in Armenia to attend the World Congress on Information Technology (WCIT-2019), which is being held in Yerevan on October 6-9.

In Armenia, in April 2019, an agreement was signed between the United Nations Development Program and Granatus Ventures on the establishment of the Granatus Tech4SDG venture capital fund. –0-