Armenia’s investment policy to allow creating 750 job opportunities

PanARMENIAN.Net - Armenia’s government has applied a range of mechanisms to tackle the global financial crisis and overcome its consequences. These included introduction of amendments to the RA Law on Value-Added Tax, under which those companies, which invest AMD 300mln or more, are provided with the opportunity to prolong VAT payment for three years.

Armenian Deputy Minister of Economy Ara Petrosyan said that eight companies used this privilege: Natfood, Shamb Business, U!Com, Arax poultry, Estate and Administration Company, Golden Grape Armas, Biga and Saranist.

According to him, these companies applied to the RA government and passed relevant procedures to gain the required points to obtain the approval for usage of these privileges.

“As a result, the amount of these companies’ investments will total around $51.5mln and some 750 new job opportunities will be created by the end of the first stage,” Petrosyan said.

He added that the investment programs of these companies were aimed at increasing production capacities, introduction of new equipment and modern technologies.

According to Petrosyan, the Armenian Ministry of Economy will be monitoring implementation of the investment programs approved by the government, what will provide with the opportunity to secure their effectiveness and expediency.