Time in Yerevan: 11:07:36,   22 March

600,000,000 drams to be invested in Armenia’s Gyumri for textile production

YEREVAN, MARCH 14, ARMENPRESS. The government has granted Armtex Group, a textile manufacturer, customs and tax privileges as part of a priority sector investment project.

The company is granted with a 3-year delay of VAT payments and exemption of customs duties.

Deputy Minister of Economic Development and Investments Avag Avanesyan said that the company plans textile production in Gyumri. Armtex Group will invest more than 600,000,000 drams.

40 jobs will be created.

The total volume of products will total 420,000,000 drams annually, of which 50,000,000 will be exported to Russia, while 370,000,000 in USA and Canada.

Edited and translated by Stepan Kocharyan

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