Armenian government has approved a procedure for returning up to 35% of investments to film producers
YEREVAN, April 10. /ARKA/. At a meeting on Thursday, the Armenian government approved the procedure and conditions for a partial return of up to 35% of investments in the film production sector.
As Armenia's Minister of Education, Science, Culture, and Sports Zhanna Andreasyan noted, the possibility of a partial investment return (up to 25%) is an important tool for the development of the sector, and this format is widely used in many countries.
“Goods, services, and works related to film production must be purchased from resident, tax-paying organizations and private entrepreneurs. Additionally, an extra investment return of up to 10% may be provided if there are elements of popularization,” Andreasyan explained.
According to her, this decision aims to make more effective use of the commercialization potential of culture.
"In particular, it creates an opportunity to attract foreign investment in the film industry, stimulate joint productions, boost economic activity within the sector, generate additional income, foster cooperation with international organizations, as well as enhance the competitiveness of film specialists in Armenia, and develop film production," Andreasyan said.
The minister mentioned that joint film production projects are underway in Armenia, but there is a shortage of state support and private investment funds, as well as a low inflow of foreign filmmakers due to unfavorable conditions.
"State funding in the film industry from 2019 to 2024 amounted to an average of 309 million drams per year, while filmmakers invested an average of 655 million drams during the same period. There are preliminary agreements with several international platforms, including memorandums with platforms like Netflix, for joint filming in Armenia," Andreasyan noted.
Prime Minister Nikol Pashinyan stated that this process should be transparent and predictable for the government, investors, and the public. He emphasized the importance of conveying this information to potential beneficiaries who may be interested in pursuing such activities in Armenia.
