Second sugar factory to be launched in Armenia
01.10.2018,
15:56
A sugar factory in the Armenian town of Sevan is preparing to resume operation after a protracted halt, the Armenian Ministry of Economic Development and Investments said.
YEREVAN, September 28. /ARKA/. A sugar factory in the Armenian town of Sevan is preparing to resume operation after a protracted halt, the Armenian Ministry of Economic Development and Investments said.
It said the factory is owned by Armen Arakelyan, who presented to the ministry the capacity of the factory and the investment program.
The ministry promised support for the restart of the factory -from subsidized lending to help organize exports. ‘We will have a second sugar factory, which will create competition in the sugar market," minister Artsvik Minasyan was quoted as saying.
According to the owner of the plant, the resumption of the factory will benefit the residents of Kotayk and Gegharkunik regions, since some 80-100 new jobs will be created with an average wage of more than 120 thousand drams.
The ministry said raw materials for sugar production are exempted from customs duties. The owner of the company expects the government to make a decision on replacing VAT payment from the border to the production site.
According to some estimates, the resumption of the plant may require 34 million drams and another 12.5 million will be needed for purchase of 4000 tons of raw material.
The factory started operations in 2003 having invested about $2.5 million. In 2008-2009, the daily sugar production reached 20 tons, and the monthly turnover was $ 400,000. -0-
It said the factory is owned by Armen Arakelyan, who presented to the ministry the capacity of the factory and the investment program.
The ministry promised support for the restart of the factory -from subsidized lending to help organize exports. ‘We will have a second sugar factory, which will create competition in the sugar market," minister Artsvik Minasyan was quoted as saying.
According to the owner of the plant, the resumption of the factory will benefit the residents of Kotayk and Gegharkunik regions, since some 80-100 new jobs will be created with an average wage of more than 120 thousand drams.
The ministry said raw materials for sugar production are exempted from customs duties. The owner of the company expects the government to make a decision on replacing VAT payment from the border to the production site.
According to some estimates, the resumption of the plant may require 34 million drams and another 12.5 million will be needed for purchase of 4000 tons of raw material.
The factory started operations in 2003 having invested about $2.5 million. In 2008-2009, the daily sugar production reached 20 tons, and the monthly turnover was $ 400,000. -0-
