Elevator factory to be built in Spitak

YEREVAN, JULY 6, ARMENPRESS:

In October-November months of the running year an agreement will be signed in Yerevan on creation of elevator factory in the Armenian town of Spitak. The agreement will be signed between the "YSU Graduates' Union" NGO's subsidiary enterprise and "Koyo" company operating with the Japanese capital in Shanghai and Malaysia.

Deputy sport and youth affairs minister, chairman of the "YSU Graduates' Union" NGO Arsen Karamyan said as a result of cooperation during a year a factory producing elevators will be constructed in Spitak. About 130 people will have jobs with 160 000 AMD average salary.

"It is a small but noticeable step to ensure young people of Spitak with jobs", he said adding that the first output is expected in May 2012.

For the first three years 5 million USD will be invested. The 70% of shares will belong to "Koyo" company, 30% to the Armenian side. "People thinking it is easier work abroad are mistaken, it is just necessary to be patient", Karamyan said, adding that this step is directed toward preventing migration of youth.