Textile Industry Loans To Be Subsidized In Armenia

YEREVAN, August 7. /ARKA/. Armenia plans to stimulate the diversification of raw material imports for textile companies and ensure their access to international markets, Minister of Economy Gevorg Papoyan said today.

"To make purchasing raw materials more accessible, we are offering subsidies on loans from Armenian banks and credit organizations for importing materials from China, India, Italy, Uzbekistan, South Korea, Bangladesh, Turkmenistan, Tajikistan, and Iran. Dram loans will be subsidized at 8%, and foreign currency loans will be subsidized at 6%, both for a year," Papoyan said at a government meeting on Thursday.

Papoyan said that subsidies are planned for companies that have exported raw materials (without re-exporting) over the previous 365 days. The amount of subsidies will be determined based on the volume of exports in dram terms from the previous year.

Currently, companies engaged in textile production need raw materials. They have been provided with support. To enable them to export finished products to EU countries, these companies have been granted customs duty benefits. They do not have such a problem in the EAEU market. We have created a fairly comfortable environment for stimulating the production and export of goods," noted Papoyan.-0-