Armenia recently granted textile-garment manufacturer Armtex Group customs and tax privileges as part of a priority sector investment project. A three-year delay of value added tax payments and exemption of customs duties were granted to the company, which plans textile production in Gyumri, deputy minister of economic development and investments Avag Avanesyan said.
The group will invest more than 600,000,000 drams in the unit, creating 40 jobs, according to Armenian press reports.Armenia recently granted textile manufacturer Armtex Group customs and tax privileges as part of a priority sector investment project. A three-year delay of value added tax payments and exemption of customs duties were granted to the company,which plans textile production in Gyumri, deputy minister of economic development and investments Avag Avanesyan said.#
Products worth 420,000,000 drams will be manufactured annually, of which items worth 50,000,000 drams will be exported to Russia, while items worth 370,000,000 drams will be sent to the United States and Canada. (DS)
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