Approximately 1000 Jobs Will Be Created: Gevorg Papoyan Discusses Upcoming Projects

In the past three months, a customs duty exemption has been granted for 30 investment projects, under which a total investment of 130 billion drams is planned, with the creation of about a thousand jobs. This was stated by the Minister of Economy Gevorg Papoyan during a press conference summarizing his first 100 days in office.

“We have developed a five-year program for the development of machinery manufacturing and a program of measures to ensure its implementation. By 2028, we intend to increase production volumes in the machinery sector to 70 billion drams, of which 50 billion drams worth of products will be exported. We have formulated a five-year program for the development of jewelry and diamond processing, aiming to increase jewelry production volumes to 150 billion drams and diamond processing to 120 billion drams. More than 80 percent of these volumes are expected to be exported. Moreover, we plan to spend only 600-800 million drams for the implementation of each project,” stated the minister.

The government has approved a project to create a global trade center in Yerevan. A contract has already been signed. An investment of 212 million dollars is planned, and up to 10,000 jobs will be created. In this project, the Ministry of Economy will have a 19% stake, Haypost will have 31%, and Renshin will own 50%.

“The memorandum signed between Albrose Trade and Industrial CJSC and the Ministry of Economy regarding the establishment of a copper cathode factory in Armenia is also significant. A factory with an annual production capacity of 50,000 tons is planned. We also have other projects, such as the construction of a Mercedes-Benz dealership and service center, with an investment volume of 3.5 billion drams, which will create 100 jobs with an average salary of 600,000 drams,” the minister reported.