Spayka to Invest 28 Billion Drams, Creating 1600 Jobs

The government granted a permit to Spayka LLC at its meeting today, December 20. Specifically, it was allowed for Spayka to benefit from the exemption from customs duties on the technological equipment, its components, and raw materials imported within the framework of the investment program implemented in a priority sector.

The products imported by Spayka will be used in the processing of agricultural products. The imported items are not sourced from EAEU member countries, as they do not meet the company’s technical requirements.

It is noted that the availability of this exemption will serve as a significant impetus for the implementation of new investment programs, resulting in job creation, attracting investments, and stimulating local production and exports.

Within the framework of the program, an investment of 28 billion Armenian drams is planned, of which 4.2 billion drams will come from the company's own resources and 23.8 billion drams from borrowed funds.

The investment program will create 1600 jobs with an average salary of 190,000 drams. It is also expected that 300 new jobs will be created with an average salary of 200,000 drams.

The total output volume of the products specified in the program is expected to be 45 billion drams in the first year, with 15 billion drams of products to be sold in Armenia, 25 billion drams in other EAEU member countries, and 5 billion drams in third countries.