Armenian Prime Minister Hovik Abrahamyan, the prime minister of Armenia, stressed the importance of the country's burgeoning information technology sector as vital to the national economy.

According to a recent study from the World Bank, information technology is the fastest growing sector of the Armenian economy. The number of individuals employed in the IT sector doubled from approximately 5,000 in 2010 to more than 10,000 in 2013.

"The IT sector is very important for the economy," Abrahamyan said at the Digitec 2014 IT forum in Yerevan, according to ARKA. "It is our crude oil, gas and sea."

Abrahamyan said the government will work to provide legislative changes that would support domestic producers and extend privileges to small and medium-sized businesses, thereby working to minimize shadow turnover at larger companies. He also said recently that his cabinet would be strictly punishing companies for shadow activities.

Abrahamyan held a meeting with the 100 wealthiest business people in Armenia last month, where a July 1 deadline was set for companies to stop evading taxes and abusing their market positions.

"We do not look at SMEs as taxpayers--our aim is to ensure level playing field for all," Abrahamyan said, ARKA reports.