YEREVAN, AUGUST 10, ARMENPRESS. Prime Minister of Armenia Nikol Pashinyan participated in the opening ceremony of texture cotton factory in Maralik city, Shirak Province. ARMENPRESS reports the PM toured in the factory and got acquainted with its works on August 10.

Co-founder of the factory Gevorg Gasparyan said that their thread manufacturer factory will consolidate the entire textile around them.

“Numerous small factories will start to work, ensuring lots of jobs”, he said.

Minister of Economy Tigran Khachatryan emphasized that the Government has granted privileged conditions to the factory provided by the law.  

“The factory plans to manufacture 300 tons of thread monthly, but if there are companies that will create more demand, it will be possible to expand the production volume’’, the Minister said.

Over 4 million USD has already been invested in the factory, which will create 150 jobs with an average salary of 297 thousand AMD. It has been built in the territory of the former similar factory, from which nothing had remained. In the past, during the Soviet times, 1700 people worked there.

The main markets will be Armenia and Russia.

Edited and translated by Tigran Sirekanyan