Armenian Fancy company to invest $14.5 million in jewelry industry in ten years
25.12.2015,
10:46
An Armenian company called Fancy will have invested $14.5 million in the jewelry industry in the next ten years, according to economy minister Karen Chshmarityan. He said the Thursday government session provided the company with a 9-year permit to operate in the territory of Meridian free economic zone.
YEREVAN, December 25. /ARKA/. An Armenian company called Fancy will have invested $14.5 million in the jewelry industry in the next ten years, according to economy minister Karen Chshmarityan. He said the Thursday government session provided the company with a 9-year permit to operate in the territory of Meridian free economic zone.
According to the minister, in the first year the company plans to invest $1 million in the import of modern equipment for jewelry production and also create 1000 new jobs in five years. Chshmarityan said the company will be provided with 250 square meters space that will be further expanded to 500 square meters.
"The unprecedented growth reported this year by Armenia’s jewelry industry has stepped up the activity in the market, and several new companies have applied for permits to operate in the free economic zone,’ the minister said.
The Meridian free economic zone offers its resident companies the following benefits: free repatriation of capital, profits and dividends, no currency restrictions, state support for the jewelry sector, the rich tradition of Armenian jewelry and the availability of skilled workforce. Residents are exempted from all taxes, except income tax.
According to Armenia’s National Statistical Service (NSS), production of jewelry in the first 11 months of 2015 soared by about 50% from the same period in 2014 to 13 billion drams. ($ 1 - 480.46 drams). -- 0- -0-
According to the minister, in the first year the company plans to invest $1 million in the import of modern equipment for jewelry production and also create 1000 new jobs in five years. Chshmarityan said the company will be provided with 250 square meters space that will be further expanded to 500 square meters.
"The unprecedented growth reported this year by Armenia’s jewelry industry has stepped up the activity in the market, and several new companies have applied for permits to operate in the free economic zone,’ the minister said.
The Meridian free economic zone offers its resident companies the following benefits: free repatriation of capital, profits and dividends, no currency restrictions, state support for the jewelry sector, the rich tradition of Armenian jewelry and the availability of skilled workforce. Residents are exempted from all taxes, except income tax.
According to Armenia’s National Statistical Service (NSS), production of jewelry in the first 11 months of 2015 soared by about 50% from the same period in 2014 to 13 billion drams. ($ 1 - 480.46 drams). -- 0- -0-
