Armenia’s acting economy minister believes it is necessary to help large companies develop as well

YEREVAN, July 1. /ARKA/. Armenia’s acting Economy Minister Vahan Kerobyan believes that it is necessary to help large companies develop as well.

He made the remark after the government exempted today Alex Textile LLC, owned by Samvel Aleksanyan, one of the richest businessman in Armenia, from payment of customs duties on imported equipment, components and raw materials.

In total, the company will spend 2 billion drams on the purchase of raw materials and equipment and receive tax benefits in the amount of 106 million drams.

“I believe that in addition to SMEs it is necessary also to help large companies develop as well, so that they grow even more. For example, a country like Korea is built on two or three giants - Samsung and Hyundai, which have become the locomotive that helped raise its economy. We are ready to do everything both for SMEs and large companies so that they develop," Kerobyan said.

At the same time, he noted that the government has significantly limited the procedure for granting tax and other benefits to companies, providing them only with customs benefits for the import of equipment and raw materials.

According to him, this was done so that the domestic market does not suffer, and all have level playing filed.

"We will continue to provide assistance to exporters and other companies. I personally hold discussions with international partners to advance our economic interests and enhance the export of Armenian products," Kerobyan said. -0-