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Time in Yerevan: 11:07,   29 March 2024

Investments grow sevenfold as result of customs privilege incentive in Armenia

Investments grow sevenfold as result of customs privilege incentive in Armenia

YEREVAN, JUNE 27, ARMENPRESS. In 2019, investments in Armenia grew sevenfold, while jobs fourfold compared to the previous year as a result of providing customs duty exemption and VAT payment delays as part of investment programs in priority sectors, Prime Minister Nikol Pashinyan said at the June 27 Cabinet meeting.

“In last year’s first five months the government approved 11 programs with this tool worth 35,5 million dollars and 502 jobs. In January-May this year we have 25 investment programs worth 254 million dollars and 2379 jobs,” he said, adding that these figures express a “concrete certain picture”.

He added that not a single case of failure to fulfill obligations was recorded by any company after being granted privileges.

Edited and translated by Stepan Kocharyan








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