Tax Exemption Granted to GLORIA Sewing Factory, 250 Jobs to Be Created

During today’s government session, a decision was made to grant a tax exemption to the limited liability company 'GLORIA' sewing factory.

Specifically, the executive body approved the application submitted by 'GLORIA' LLC to benefit from the exemption from import customs duties for technological equipment, their components and accessories, as well as raw materials and/or materials imported within the framework of the investment program in the priority sector.

This issue was presented by Minister of Economy Tigran Khachatryan. He noted that the organization has been operating in Vanadzor since 2018. “As part of this program, the company will invest 3 billion AMD for renovation of the branch and procurement of equipment. Currently, the company employs 1,500 employees. It is expected that the number of jobs will increase by approximately 250. As a result of the project implementation, the total production volume will amount to 10 billion AMD, of which 500 million AMD will be marketed in Armenia. Products worth 3.5 billion AMD will be exported to EAEU countries and products worth 6 billion AMD will be exported to third countries,” Khachatryan stated.