Over the past three months, customs duty exemptions have been granted to 30 investment programs, with total investments amounting to 130 billion drams (approximately $330 million), resulting in the creation of around 1,000 jobs.
This was announced by Armenia's Minister of Economy Gevorg Papoyan during a press conference summarizing the first 100 days of his tenure.
"We have developed a five-year development program for instrument engineering and an action plan for its implementation. By 2028, we plan to increase production volumes in this sector to 70 billion drams (over $175 million), of which 50 billion drams (approximately $125 million) will be export products," Papoyan stated.
The minister also highlighted the development of a five-year program for the jewelry and diamond production industries. It is expected that by 2028, the production volume of jewelry will reach 150 billion drams (around $375 million), and diamond production will reach 120 billion drams (about $300 million).
The government has approved the program for creating a World Trade Center in Yerevan. The project plans to invest $212 million and create up to 10,000 jobs. "Under this program, the Ministry of Economy will hold 19% of the shares, Haypost will hold 31%, and the company Renshin will hold 50%," he added.
Papoyan also emphasized the significance of the memorandum signed between Albroz Trading and Industrial JSC and the Ministry of Economy for establishing a copper cathode plant in Armenia.
"For example, the program for the construction of a Mercedes-Benz dealership and service center, with an investment volume of 3.5 billion drams (around $9 million), will create 100 jobs with an average salary of 600,000 drams (around $1500)," the minister reported.
