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Official News

Thursday, 17 November 2011

Investment Projects are Encouraged





Cabinet sitting chaired by Prime Minister Tigran Sargsyan was held today. First of all the Prime Minister, on behalf of the RA Government, congratulated the Armenian students on the International Students’ Day and wished them success.
The Government has decided to delay the payment of VAT, calculated by the tax authorities, of ‘ASKE GROUP’ JSC until October 17, 2014, in case the company exceeds the exports of goods of 300 million AMD. The company, being situated in Charentsavan, plans to equip a metal casting plant, investing 7.3 million AMD, which will allow installing equipment in accordance with ‘Siemens VAI’ company. By the end of the equipment, 2013, approximately 300 new jobs will be created.
The Executive has decided to delay the VAT payment of ‘BIGA’ Armenian-Dutch Joint Company until November 14, 2014, in case the company exceeds the export of goods of more than 300 million AMD. The company produces champignon mushroom in the region of Armavir and has already invested 980 thousand euro for that purpose. 24 new jobs have been created so far. About 1 ton of mushrooms produced daily are completely sold on the domestic market; a certain amount has been exported to UAE. This decision will give an opportunity to expand the mushroom production, create another factory, implement an investment of about 1 million euro and create 15 more new jobs.
By its next decision the Government has postponed the VAT payment of ‘ECOTOMATO’ for three years, in case the company exceeds the export of goods of 300 million AMD, thus contributing to the import of different variations of roses. This investment project of creating a rose hothouse is carried out in the administrative area of Goght, region of Kotayk. As a result, at least 27 new jobs are expected to be created.
To support the organization of ‘Junior Eurovision 2011’ international song contest, which will be held in Yerevan on December 2 and 3, 2011, the Government provided the ‘Junior Eurovision 2011’ fund with 172 million AMD.
The Government has approved the development of food security strategy and its implementation plan. The strategy has defined the main directions of the development of the system, taking into account the best international experience. It is expected that the investment of a viable food security system will create conditions to improve the negative balance between raw food and recycled products’ in foreign trade circulation.
The Rescue Service of RA Ministry of Emergency Situations has allocated about 74 million AMD as a humanitarian aid to the population affected by the earthquake in the territory of the Republic of Turkey on October 23.
The Government has approved the credit agreement on ‘additional funding of the urged rehabilitation of irrigation system’ signed between the Republic of Armenia and the International Bank of Reconstruction and Development. The agreement suggests restoration of about 50km of main and 63km of domestic irrigation system canal in the regions of Aragatsotn, Kotayk, Shirak, Lori, Ararat and Armavir.
 

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