Armenia Wine to invest $6.2 million in brandy production

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06.03.2014, 16:09

The Armenian government has awarded today VAT payment deferment to Armenia Wine company until 2017 after the company pledged to invest $6.2 million in production of brandy.

Armenia Wine to invest $6.2 million in brandy production

YEREVAN, March 6. / ARKA /. The Armenian government has awarded today VAT payment deferment to Armenia Wine company until 2017 after the company pledged to invest $6.2 million in production of brandy. The money will be used to purchase state-of-the-art equipment from Italy, France and some other countries, economy minister Vahram Avanesyan told a Cabinet meeting.

The deferment is awarded to companies which import more than 300 million drams worth modern equipment or technology to expand their output and modernize production facilities.

Armenia Wine was founded in 2008 and has invested in its winery in Aragatsotn region about 10 billion drams so far, the minister said.

The company plans to produce brandy for export. The first batch is expected in 2015 when the total output is supposed to be worth 4.7 billion drams.

The company will create also 20 new jobs with an average salary of 188,000. ($ 1 - 414.40 drams). -0-

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