Maralik Cotton-Textile Factory resumes operating under $13-million investment program
12.08.2019,
10:51
Armenian Prime Minister Nikol Pashinyan traveled Saturday to Maralik village in Armenia's Shirak province and attended a cotton-textile factory re-commissioning ceremony there, the press office of the government reports. According to the press office, the resumption of the factory's operation is a USD 13-million investment project, which is being implemented by the Artik SHP LLC.
YEREVAN, August 12. /ARKA/. Armenian Prime Minister Nikol Pashinyan traveled Saturday to Maralik village in Armenia's Shirak province and attended a cotton-textile factory re-commissioning ceremony there, the press office of the government reports. According to the press office, the resumption of the factory's operation is a USD 13-million investment project, which is being implemented by the Artik SHP LLC.
At one of its end-of-year sessions last year, the Government decided to exempt the company from import duties for all goods and equipment imported under the specified investment program. The imported products will be used in the production and processing of cotton, filament, and fabric scraps.
Prime Minister Pashinyan toured the factory to get a first-hand view of the manufacturing process, working conditions and amenities. Company executives Gevorg Gasparyan and Vartan Sirmakes told the Premier that the Maralik Cotton Plant will produce pure cotton and semi-cotton yarns. The plant’s output is currently being used in the production of cotton ropes, sheets, gloves, socks and towels. The production of cotton-based medical articles is envisaged in the near future.
The Artik SHP LLC has so far invested up to 4 million U.S. dollars in the Maralik Cotton Factory. Within the next one year, they are going to complete the USD 13 million-worth investment program, which has been granted fiscal benefits by the Armenian government.
Some 120 jobs will be generated during the first stage. Currently the company boasts 41 trained staff, with several vacancies still available. In the meantime, the factory will produce 380 tons of fiber per month to be used in textile production. The main sales markets are Armenia and Russia. -0---
At one of its end-of-year sessions last year, the Government decided to exempt the company from import duties for all goods and equipment imported under the specified investment program. The imported products will be used in the production and processing of cotton, filament, and fabric scraps.
Prime Minister Pashinyan toured the factory to get a first-hand view of the manufacturing process, working conditions and amenities. Company executives Gevorg Gasparyan and Vartan Sirmakes told the Premier that the Maralik Cotton Plant will produce pure cotton and semi-cotton yarns. The plant’s output is currently being used in the production of cotton ropes, sheets, gloves, socks and towels. The production of cotton-based medical articles is envisaged in the near future.
The Artik SHP LLC has so far invested up to 4 million U.S. dollars in the Maralik Cotton Factory. Within the next one year, they are going to complete the USD 13 million-worth investment program, which has been granted fiscal benefits by the Armenian government.
Some 120 jobs will be generated during the first stage. Currently the company boasts 41 trained staff, with several vacancies still available. In the meantime, the factory will produce 380 tons of fiber per month to be used in textile production. The main sales markets are Armenia and Russia. -0---
