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Armenian government adds 'digital' component to companies' economic modernization program
... component to a program developed to help companies modernize in order to increase their productivity. Economy Minister Vahan Kerobyan said that after the programs' inception a year and a half ago, about 3,500 companies have become its beneficiaries, upgrading ... ... of the investments have been channeled into the manufacturing industry; another 47 billion drams have been invested into the construction sector. Other industry companies are also upgrading their equipment quite quickly," he said. Kerobyan recalled ...
01/25/2024Armenian government to invest $37 mln in 'dry port' project in Gyumri
Armenian PM Nikol Pashinyan chaired today a meeting of the Investment Committee that was convened to discuss construction of so-called 'dry port' in the second-largest city of Gyumr, the press service of the government said. YEREVAN,... ... 'dry port' in the second-largest city of Gyumr, the press service of the government said. According to Economy Minister Vahan Kerobyan, the project’s implementation will create thousands of new jobs. The 'dry port' is to become a transportation hub connected ...
01/16/2024Largest data processing center built in Armenia by Rostelecom Armenia receives support as part of Infrastructure for Investment program
... in Exchange for Investment" support event was held at the Armenian Ministry of Economy in the presence of Minister Vahan Kerobyan, during which the signing ceremony of compensation agreement was held. YEREVAN, January 15. /ARKA/.. On January 12,... ... agreement was held. Rostelecom Armenia participated in the program within the framework of the largest data processing center under construction in Armenia. Taking into account the strategic importance for the country, the investment program of the Data Processing ...
01/15/2024Investments in Armenia's economy in 2023 total $1.4 bln. - deputy economy minister
... amounted to $1.4 billion, Deputy Economy Minister Narek Teryan said today. According to him, $212 million were invested in the construction of World Trade Center, $200 million in the construction of ski resort on Mount Aragats and $172 million in the construction ... ... investments in this area reached $270mln and about one thousand new jobs were created. On Monday, Minister of Economy Vahan Kerobyan said that the gross volume of investments in the first half of 2023 increased by 17.5% yoy. At the same time, Kerobyan ...
01/09/2024Development of Amulsar gold mine to start in 2024 - deputy minister
... is tasked to relaunch the development process," Harutyunyan told reporters. The deputy minister also reminded that the construction work in Amulsar was suspended for several years due to environmentalists' protests. 'It was necessary to understand: ... ..., the Armenian government is to receive 12.5% of the company's shares. After signing the memorandum, Economy Minister Vahan Kerobyan stated that the operation of Amulsar mine would provide the government budget with annual revenues of 30-40 billion drams....
12/19/2023Construction of Armenia's first aluminum radiator plant to kick off in January 2024 - minister
Construction of a plant for the production of aluminum radiators will open in Armenia in January 2024, Economy Minister Vahan Kerobyan said on Monday in response to MPs’ question. YEREVAN, December 18. /ARKA/. Construction of a plant for the production of aluminum radiators will open in Armenia in January 2024, Economy Minister Vahan Kerobyan said on Monday in response ...
12/18/2023Armenia and China discuss possibilities of direct air communication
Armenian Economy Minister Vahan Kerobyan received on Wednesday a Chinese delegation, led by Wang Lumin, chairman of the standing committee of the Qingdao Municipal ... ... Boghossian were in attendance. The sides were said to discuss possibilities of expanding bilateral cooperation in such areas as construction, jewelry, technology and IT. Kerobyan suggested that Chinese companies consider joining large investment projects,...
11/01/2023Armenian-American steel plant under construction in Yeraskh will be moved to another location- minister
The Armenian-American steel plant under construction in the village of Yeraskh will be moved to another location, Minister of Economy Vahan Kerobyan said on Tuesday. YEREVAN, October 31. /ARKA/. The Armenian-American steel plant under construction in the village of Yeraskh will be moved to another location, Minister of Economy Vahan Kerobyan said on Tuesday. The construction site ...
10/31/2023Armenia and South Korea discussed ways to develop cooperation in several areas
Armenian Economy Minister Vahan Kerobyan received on Tuesday a South Korean delegation led by Minister of Trade of the Republic of Korea Ahn Duk-geun, the press ... ... opportunities to develop cooperation in such areas as metallurgy, mining, solar and renewable energy, green economy, as well as construction of industrial parks. Kerobyan invited the Korean companies to join a big project implemented in the second-largest ...
10/25/2023Armenia and Iran to eliminate road tolls; North-South highway will raise Armenia's GDP by 0.4%: minister
The implementation of a road repair and construction project by Iranian companies in Armenia's southern province of Syunik will have a large impact on the Armenian economy, Armenian Economy Minister Vahan Kerobyan said at a meeting with Deputy Foreign Minister of Iran Mehdi Safari. YEREVAN, October 24. /ARKA/. The implementation of a road repair and construction project by Iranian companies in Armenia's southern province of Syunik will have a ...
10/24/2023Armenian authorities to provide business people from Karabakh with preferential loans and leasing opportunities
Armenian Economy Minister Vahan Kerobyan had a meeting recently with business people forcibly displaced from Nagorno-Karabakh to discuss a package of ideas and ... ... entrepreneurs’ loans up to 10% and provides leasing for the purchase of machinery and equipment. Loans can also be used to cover capital construction expenses. The deputy minister noted that the program extends to various sectors –from processing industry to construction,...
10/11/2023Armenia and Egypt consider construction, healthcare and solar energy as promising areas of cooperation
Armenian Minister of Economy Vahan Kerobyan received today Egyptian Ambassador to Armenia Serenad Gamilei, the press service of the ministry reported. YEREVAN,... ... deepen the Armenian-Egyptian economic cooperation, strengthening of business ties, activation of mutual trade, cooperation in construction, health care, processing industry and solar energy areas. The minister and the ambassador exchanged also views on ...
08/31/2023Twenty-eight km of ski tracks laid at Myler ski resort
Twenty-eight km of ski tracks of different complexity have already been laid at Myler ski resort, which is under construction in Yegipatrush village in Armenia's province of Aragatsotn, Economy Minister Vahan Kerobyan said in a Facebook post after visiting the resort on Saturday. YEREVAN, August 21. /ARKA/. Twenty-eight km of ski tracks of different complexity have already been laid at Myler ski resort, which is under construction in Yegipatrush village ...
08/21/2023Armenian Trade House is to be established in Belarus
Armenian Minister of Economy Vahan Kerobyan and the Ambassador of Belarus to Armenia Alexander Konyuk met on July 17 to discuss expansion of cooperation between the countries in agriculture and construction industry, as well as the possibility of establishing a Trade House of Armenia in Belarus, the press service of the Ministry of Economy reported. YEREVAN, July 18. /ARKA/. Armenian Minister of Economy Vahan Kerobyan and the Ambassador ...
07/18/2023Azerbaijani armed forces again shell steel plant under construction in Yeraskh- Ministry of Defense
Azerbaijani troops have again shelled a still plant under construction outside the village of Yeraskh in Ararat region of Armenia, the Defense Ministry reported. YEREVAN, June 27.... ... the construction of the plant were wounded. The plant is a joint Armenian-American project. Armenian Economy Minister Vahan Kerobyan said in a Facebook post that some $70 million will be invested in its construction. The plant will produce 180 thousand ...
06/27/2023Azerbaijani troops fire at Armenian position in Syunik and at a steel plant in Yeraskh
... at 4:30 p.m., units of Azerbaijani armed forces fired small arms of various caliber at an American-Armenian steel plant under construction outside the village of Yeraskh in Ararat region. On Tuesday, Armenian and U.S. flags were raised at the plant. According ... ... Directors, the company will not stop construction despite the cross-border shelling. Earlier, Armenian Economy Minister Vahan Kerobyan said about $70 million are to be invested in the construction of the plant.-0-
06/20/2023Construction of Armenian-American steel plant will not be stopped after Azerbaijani shelling
Construction of an Armenian-American steel plant in the village of Yeraskh will be resumed after some technical issues are clarified,... ... because of the shelling, but they are not going to leave," Hakobyan said. According to Armenian Minister of Economy Vahan Kerobyan, the cost of the project is $70 million. The enterprise is expected to employ about 1,000 people when ready for operation....
06/15/2023Environment Ministry: Yeraskh steel plant is being built in compliance with all environmental norms and requirements
... alarms is to hinder Armenia's economic development. "The Republic of Armenia is committed to fulfilling all its international obligations in the field of environmental protection," the ministry stressed. Earlier, Armenian Economy Minister Vahan Kerobyan said in a Facebook post that some $70 million will be invested in the construction of the plant. The plant will produce 180 thousand tons of products a year. It has employed 200 people and will hire another 800 once the plant is commissioned.-0 –
06/09/2023Armenian-American steel plant being built in Yeraskh
... large Armenian-American steel plant is being built in the village of Yeraskh in Ararat region, Armenian Economy Minister Vahan Kerobyan said in a Facebook post. YEREVAN, June 5. /ARKA/. A large Armenian-American steel plant is being built in the village ... ... Armenian Economy Minister Vahan Kerobyan said in a Facebook post. According to him, some $70 million will be invested in the construction of the plant "The plant is being built from scratch. The height of the production workshop is 30 meters; the ...
06/05/2023Government invests about 100 billion drams to subsidize purchase of equipment by private companies and attraction of foreign specialists
.... According to him, as of May 1, 2023, some 1,700 contracts were signed and that many companies upgraded their equipment, machines and conveyor lines. ‘There are companies, which are building new fully automated plants from scratch," he said. Kerobyan noted that 57 billion drams out of 100 billion drams were provided to manufacturing companies, 20 billion drams to construction companies as well as to warehouse and logistics companies, healthcare organizations and others. Earlier, the Economy Ministry asked the government to extend a program designed to subsidize loan interests of companies purchasing new equipment....
05/30/2023Construction sector in Armenia grew by 15.6% in first quarter - Kerobyan
Armenia's construction sector grew by 15.6% in the first quarter of 2023, Economy Minister Vahan Kerobyan told the parliament today. YEREVAN, May 23. /ARKA/. Armenia's construction sector grew by 15.6% in the first quarter of 2023, Economy Minister Vahan Kerobyan told the parliament today. He said that construction is one of the fastest growing ...
05/23/2023Armenian minister explains how customs structures will work in case regional communications are unblocked
... breakaway regions of Abkhazia and South Osetia under the monitoring of the Swiss company SGS, Armenian Economy Minister Vahan Kerobyan said today, commenting on a statement made by European Council President Charles Michel after May 14 talks in Brussels ... ... tasked to finalize an in principle agreement on the modalities for the opening of the railway connections and the necessary construction works together with a concrete timetable. They also agreed to draw upon the support of the World Customs Organization ...
05/17/2023Some 340,000 sq.m. of new residential space commissioned in Armenia in 2022 – Minister
Some 340,000 square meters of new residential space were commissioned in Armenia in 2022, Economy Minister Vahan Kerobyan said in an interview with 1in.am. YEREVAN, May 10. /ARKA/. Some 340,000 square meters of new residential space ... ... with 1in.am. He said it made only 0.3% of the total housing stock of the country. 'Every effort is being made to increase the construction rate fivefold," the minister said. -0
05/10/2023Armenian mining companies offer government some of their shares – minister
... GeoPromining Armenia and the Armenian government with 21.9% stake. Amulsar project Earlier this year Armenian Economy Minister Vahan Kerobyan, Lydian Armenia company’s board member Jeffrey Coach, and a senior executive of the Kazakhstan-based Eurasian Development ... ... memorandum of understanding in Yerevan to restart the Amulsar project. The company will have to raise $250 million for finishing the construction of mining and smelting facilities at Amulsar. To that end Lydian Armenia will borrow $100 million from the EDB and ...
04/20/2023Austrian TAMAK Holding interested in investments in Armenia’s construction and tourism sectors
On March 22, Armenian Economy Minister Vahan Kerobyan received representatives of Austria's largest TAMAK Holding. YEREVAN, March 23. /ARKA/. On March 22, Armenian Economy ... ... of prefabricated houses, cement chipboards and other building materials as well as expressed their interest in investing in construction and tourism sectors of Armenia, the Armenian Economy Ministry press service reported. Kerobyan presented the programs ...
03/23/2023Armenia's construction sector grew last year to $1.4 billion. - Kerobyan
... Armenia's construction sector grew considerably in 2022 to about AMD 541bln ($1.4 billion), Economy Minister Vahan Kerobyan said today. "The government provides assistance to the construction industry through subsidizing mortgage loans, and in 2022 it refunded 40 billion drams to mortgage borrowers," Kerobyan said at the opening of the "Caucasus. Construction and Repair Expo 2023" in Yerevan. He said thanks to this large-scale program of the government the construction sector has been registering a noticeable growth in recent years. According to official statistics, in January-December 2022,...
03/20/2023EDB financed projects worth about $100 million in Armenia in 2022 – Kerobyan
... 2022, the Eurasian Development Bank (EDB) financed private projects in Armenia worth about $100 million, Economy Minister Vahan Kerobyan said on Monday, presenting a report on progress and results of the government plan of actions designed for 2021-2026 ... ... automation systems in businesses. Another loan, worth $37 million, was given to New Energy company, which spent the money on the construction of 11 solar power plants with a total capacity of up to 65 mW. The third credit worth $25 million was provided to ...
03/14/2023Armenian environmental NGOs and activists demand that government stop development of Amulsar gold project
... impact assessment and expertise. And eventually they demand that the government stop the project. Armenian Economy Minister Vahan Kerobyan, Lydian Armenia company’s board member Jeffrey Coach, and a senior executive of the Kazakhstan-based Eurasian Development ... ... memorandum of understanding in Yerevan to restart the project. The company will have to raise $250 million for finishing the construction of mining and smelting facilities at Amulsar. To that end Lydian Armenia will borrow $100 million from the EDB and ...
03/01/2023Armenia seeks to attract labor force from Central Asia, Africa, India – Minister
Armenia has a shortage of labor force, Armenian Economy Minister Vahan Kerobyan said in an interview with Global Citizen. YEREVAN, March 1, /ARKA/. Armenia has a shortage of labor force, Armenian ... ... people from Central Asia, India or African countries,' he said. He added that there are tens of thousands of vacancies in the construction industry alone, and 'we also have companies that are trying to recruit highly skilled professionals in order to modernize ...
03/01/2023All problems are solvable- Kerobyan on economic benefits and environmental risks of Amulsar mine’s development
Armenian Economy Minister Vahan Kerobyan endorsed the government’s decision to restart the Amulsar gold mining project that was disrupted by protesters shortly ... ... memorandum of understanding in Yerevan to restart the project. The company will have to raise $250 million for finishing the construction of mining and smelting facilities at Amulsar. To that end Lydian Armenia will borrow $100 million from the EDB and ...
03/01/2023Development of Amulsar gold deposit will contribute to increasing security of Armenian resort town of Jermuk
... Director Hayk Aloyan said in an interview with the Public Television of Armenia on Wednesday after Armenian Economy Minister Vahan Kerobyan, Lydian Armenia company’s board member Jeffrey Coach, and a senior executive of the Kazakhstan-based Eurasian Development ... ... Development Bank (EDB signed a memorandum of understanding in Yerevan. The company will have to raise $250 million for finishing the construction of mining and smelting facilities at Amulsar. To that end Lydian Armenia will borrow $100 million from the EDB and ...
02/23/2023Large $31 million worth cattle breeding complex being built in Tashir
... building a $31mln worth cattle breeding complex in the community of Tashir in the province of Lori, Armenian Economy Minister Vahan Kerobyan told reporters today. YEREVAN, February 16. /ARKA/. The Yeremyan Projects group of companies is building a $31mln ... ... the money-$25 million - is a loan of the Eurasian Development Bank (EDB). The complex is part of a pilot program envisaging construction of a string of large cattle breeding farms across the country According to Minister Kerobyan, such initiatives serve ...
02/16/2023Minister blames poverty on people who 'prefer sitting on couch and receive assistance from abroad'
Armenian Economy Minister Vahan Kerobyan believes that when it comes to improving the quality of life much depends on the people themselves. YEREVAN, December ... ... Earlier, Kerobyan said in an interview with Radio VAN that there were 100 thousand vacant jobs in Armenia, mostly in such areas as construction, industry, agriculture and services. Prime Minister Nikol Pashinyan said earlier this month that "for the first ...
12/26/2022Minister Kerobyan explains why there are no McDonald's in Armenia
In a recent interview Armenia’s Minister of Economy Vahan Kerobyan explained why there are no McDonald's restaurants in Armenia. YEREVAN, December 26. /ARKA/. In a recent interview ... ... The second is the shortage of workers. ‘According to our estimates, there are 100 thousand vacant jobs in Armenia, mainly in construction, industry, agriculture and services. This is due to several factors, including the low mobility of the population ...
12/26/2022Armenian Trade House may open in Belarus
... was discussed by Belarusian Minister of Anti-Monopoly Regulation and Trade Alexei Bogdanov and Armenian Economy Minister Vahan Kerobyan at a meeting in Minsk. YEREVAN, December 5, /ARKA/. The possibility of establishing an Armenian trade house in Belarus ... ... Kerobyan as saying. According to Kerobyan, Armenia is interested in developing cooperation with Belarus in mechanical engineering, construction industry, food supplies, as well as the financial sector. "This year the trade turnover between our countries ...
12/05/2022Gross fixed capital formation in Armenia in first half of this year amounted to 541 billion drams- minister
... 541 billion drams, i.e. the total amount of investments was 50% more than in the same period last year, Economy Minister Vahan Kerobyan said in an interview with the Public Television. YEREVAN, November 30. /ARKA/. In the first half of this year gross ... ... submitted for consideration. One of these projects is a plant for production of large-size solar panels in Abovyan, as well as construction of a ski resort, which will start working this year. He also said the government was considering a $400 million investment ...
11/30/2022Armenia's economic activity in October 2022 ups 17.5% - minister
Armenia's economic activity in October 2022 was 17.5% up from the same month of 2021, Economy Minister Vahan Kerobyan said today in a Facebook post. YEREVAN, November 25. /ARKA/. Armenia's economic activity in October 2022 was 17.... ... sectors by 41.3%. High growth rates were reported also by wholesale and retail trade, repair of automobiles and motorcycles (20%), construction (19.9%), manufacturing (18%), administration and related activities (16.2%) and accommodation and catering (12.8%)....
11/25/2022Minister: there is shortage of labor force in all sectors of Armenia's economy
Еhere is a labor shortage in virtually all sectors of Armenia's economy, Economy Minister Vahan Kerobyan said at a press briefing on Wednesday. YEREVAN, November 16. /ARKA/. There is a labor shortage in virtually all ... ... growth is an acute shortage of labor. Today we have a shortage in all sectors of the economy: agriculture, healthcare, industry, construction and not only," he said. Kerobyan noted that there is a shortage of both low-skilled and highly skilled professionals....
11/16/2022Tens of thousands of vacancies in Armenia – minister says
There are tens of thousands of vacancies in Armenia in such sectors as construction, agriculture, public catering and others, Economy Minister Vahan Kerobyan said in an interview with the Public Television of Armenia. YEREVAN, October 12. /ARKA/. There are tens of thousands of vacancies in Armenia in such sectors as construction, agriculture, public catering and others, Economy Minister Vahan ...
10/12/2022Yeremyan Projects to build $31 million worth cattle breeding complex in Armenia’s Tashir
The Yeremyan Projects group of companies will invest $31mln in the construction of a large cattle breeding complex in the community of Tashir in the province of Lori. YEREVAN, October 10. /ARKA/.... ... The foundation laying stone ceremony on October 8 was attended by Yeremyan Projects CEO David Yeremyan, Economy Minister Vahan Kerobyan, the Director of Armenian Office at the Eurasian Development Bank (EDB) Armen Melkikyan, Tashir Community Head Edgar ...
10/10/2022Armenian minister says ‘we need to develop in new normal environment"
In an interview with the Public Television Armenian Economy Minister Vahan Kerobyan said that the country needs to develop in the "new normal environment’. YEREVAN, September 19. /ARKA/. In ... ... operations on the volume of foreign investments. "Those big projects that we have been talking about lately, namely the construction of a new ski resort in the country, the Gagarin project in the Lake Sevan basin worth hundreds of millions, if not ...
09/19/2022Kerobyan: It's a "golden era" for developers in Armenia
Armenian Economy Minister Vahan Kerobyan told a government session today that "now is the golden era for construction companies to get loans for upgrading their equipment because of increasing development projects both in the private and public sectors. YEREVAN, August 11. /ARKA/. Armenian Economy Minister Vahan Kerobyan told a government session today ...
08/11/2022EDB to provide $25 million loan to Yeremyan Farm for development of cattle breeding
... modernization of assets to increase production of meat and dairy products. The total cost of the project is $31 million. It includes construction of a dairy farm for 1,200 heads of pedigree cattle and a pig farm for 6,000 heads and is expected to increase milk ... ... by 1.4% (the current level of provision with milk is 82%). During a press conference Friday, Armenian Economy Minister Vahan Kerobyan said the project is the first in the Armenian government's program to promote large agricultural ventures. "I am ...
08/05/2022Over 1,200 new companies with Russian capital started in Armenia since March- minister
... some 1,200 new companies with Russian capital that were started in Armenia since March, Armenian Minister of Economy Vahan Kerobyan said in an interview with Rossiyskaya Gazeta (Russian Newspaper). YEREVAN, July 7. /ARKA/. We need to install a ... ... important for new companies, and for this reason it was decided to start organizing several technoparks and industrial zones, the construction of one - the Shirak industrial zone - will start next year. "We are inviting Russian companies to Armenia which ...
07/07/2022Armenian economy minister and head of Russian Mosmetrostroy discussed construction of metro station in Yerevan
Armenian Minister of Economy Vahan Kerobyan received today the CEO of Russian Mosmetrostroy company Sergey Zhukov. YEREVAN, July 1. /ARKA/. Armenian Minister ... ... received today the CEO of Russian Mosmetrostroy company Sergey Zhukov. Kerobyan was said to have briefed Zhukov on the planned construction of a new metro (subway) station in Yerevan, using the latest engineering solutions, as well as improving the existing ...
07/01/2022Economy minister disagrees with central bank’s forecasts
Armenia’s Economy Minister Vahan Kerobyan expressed his dissatisfaction today with the Central Bank for revising the 2022 growth projection upward only to 4.9% ... ... Bank chairman Martin Galstyan said the day before that the upward revision was prompted by better than expected performances of construction and services sectors, the arrival of thousands of Russian citizens, as well as by a better than expected performance ...
06/15/2022Armenian companies seek to expand cooperation with Iraqi Kurdistan
Armenian companies are interested in expanding cooperation with Iraqi Kurdistan, Armenian Economy Minister Vahan Kerobyan said last Friday when speaking at an Armenia-Iraqi Kurdistan Business Forum in Yerevan. YEREVAN, May 23. /ARKA/. ... ... from Iraqi Kurdistan Region were interested in cooperation with Armenian partners, particularly in such areas as agriculture, construction, light industry, tourism and trade. --0—
05/23/2022Armenian-Iranian trade can be raised to $1 billion – economy minister
... potential for further expansion of bilateral cooperation and bringing this figure to $1 billion, Armenian Economy Minister Vahan Kerobyan said during a meeting today in Yerevan with an Iranian delegation led by Iranian Economy and Finance Minister Seyyed ... ... other EEU member countries. The sides were said to have discussed such issues as implementation of joint investment projects, construction of an industrial town with the participation of the Iranian side, improvement of logistics infrastructure, simplification ...
04/28/2022Armenian government to subsidize 50% of cost of fertilizers for small farms
... today to release funds to subsidize up to 50% of the cost of fertilizers for small farms. According to Economy Minister Vahan Kerobyan, nitrogen, phosphorus and potassium fertilizers have risen in price by 2.5-3 times this year, ‘putting small farms ... ... agriculture more attractive,” he said. Kerobyan said the ministry is drafting a set of measures which are supposed to stimulate the construction of small biological fertilizer plants in the country. Armenian Prime Minister Nikol Pashinyan, in turn, urged the ...
03/03/2022New ski resort with 24 million euros worth ropeway to be built in Armenian village
A new ski resort with a ropeway will be built in Armenia's Aragatsotn province, Economy Minister Vahan Kerobyan said at a government session on Thursday. YEREVAN, January 4. /ARKA/. A new ski resort with a ropeway will be built ... ... Mounter Resort, which will build the resort, signed an agreement with the Austrian company Doppelmay, a world leader in ropeway construction, on the sidelines of the Armenian-Austrian business forum, held on February 3 in Yerevan. The cost of the agreement ...
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