Bagezian LLC to invest $68.5 million in Armenia’s jewelry industry
25.03.2016,
12:42
Bagezian LLC will invest $68.5 million in Armenia’s jewelry industry, Artsvik Minasyan, Armenia’s economy minister, said Thursday at a regular Cabinet meeting.
YEREVAN, March 25. /ARKA/. Bagezian LLC will invest $68.5 million in Armenia’s jewelry industry, Artsvik Minasyan, Armenia’s economy minister, said Thursday at a regular Cabinet meeting.
On Thursday, the Armenian government gave the newly established company its permission for activity in Meridian free economic zone for jewelry industry for nine years.
“The investments will be made within nine years,” Minasyan said. “The company is planning to create 70 new jobs with $250 to $500 salaries.”
The minister said that the company intends to export its jewelry to Russia, Eurasian Economic Union and European Union countries as well as to the United States, Canada and Hong Kong.
The company’s annual exports are expected to total up to $9.5 million in the first three years.
Minasyan said that Bagezian LLC is a member of BaG Jewelry Group that has a 30-year experience of working at the world jewelry market.
He said that the new company will be provided with 700 square meters in Meridian free economic zone for a nine-year activity.
On February 27, 2014, the Armenian government approved the decision to create Meridian free economic zone. Investments in Meridian free economic zone amounted to about $10 million.
Meridian is a unique platform with cluster infrastructure for producing jewelry and watches and for cutting diamonds. Its area exceeds 25,000 square meters.
According to the National Statistical Service, Armenian jewelry industry’s output grew 61% in 2015 to AMD 18 086.6 million. ($1 – AMD 480.73). --0--
On Thursday, the Armenian government gave the newly established company its permission for activity in Meridian free economic zone for jewelry industry for nine years.
“The investments will be made within nine years,” Minasyan said. “The company is planning to create 70 new jobs with $250 to $500 salaries.”
The minister said that the company intends to export its jewelry to Russia, Eurasian Economic Union and European Union countries as well as to the United States, Canada and Hong Kong.
The company’s annual exports are expected to total up to $9.5 million in the first three years.
Minasyan said that Bagezian LLC is a member of BaG Jewelry Group that has a 30-year experience of working at the world jewelry market.
He said that the new company will be provided with 700 square meters in Meridian free economic zone for a nine-year activity.
On February 27, 2014, the Armenian government approved the decision to create Meridian free economic zone. Investments in Meridian free economic zone amounted to about $10 million.
Meridian is a unique platform with cluster infrastructure for producing jewelry and watches and for cutting diamonds. Its area exceeds 25,000 square meters.
According to the National Statistical Service, Armenian jewelry industry’s output grew 61% in 2015 to AMD 18 086.6 million. ($1 – AMD 480.73). --0--
