Cigarette company promises to invest 11.9 billion drams in Armenia and create 100 jobs

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05.01.2022, 17:16

The Armenian government awarded today the DrimCompany a set of benefits exempting it from customs duty payments on imports of raw materials.

Cigarette company promises to invest 11.9 billion drams in Armenia and create 100 jobs

YEREVAN, January 5. /ARKA/. The Armenian government awarded today the DrimCompany a set of benefits exempting it from customs duty payments on imports of raw materials.

The company uses raw materials in cigarette production. According to the government, the strategy of the company founded in 2021 aims to present its own products on international markets, for which it plans to export 80% of products to the Eurasian Economic Union member and other countries.

The company pledged to invest 11.9 billion drams in the production, including 2 billion drams in the purchase of a new production line. The rest will be spent on the construction work and purchase of raw materials and equipment.

The company said it will create 100 new jobs with average salary up to 450 thousand drams by 2024.

The customs duty exemption benefit is estimated at 937.7 million drams. ($1 - 482.55 drams). -0-

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