Government Provides Customs Duty Exemption for Investors in Priority Sectors: Papoyan

The Minister of Economy, Gevorg Papoyan, discussed the government's support program regarding customs duty exemptions in a video posted on Facebook.

“What does this program entail? It offers a customs duty exemption for businesses and investors who make investments in the priority sectors announced by the government and import raw materials or equipment from third countries, not from EAEU countries. During the past year, 67 such initiatives received support, leading to the creation of 3,405 jobs. I want to emphasize that the Government of Armenia will grant this exemption to any businessman or investor who will invest in the previously announced priority sectors, without exception,” he noted.

Regarding last year's results, he briefly mentioned that $100,500,000 in support was provided. Of this amount, $1,200,000 was expected to enter the state budget of Armenia, and $99,300,000 was supposed to go to the budgets of EAEU countries. However, we preferred to keep the entire $100,500,000 in Armenia to create jobs, pay taxes, and develop the economy of Armenia, and therefore, the Republic of Armenia itself. We support all initiatives, and if there are such initiatives, please apply,” he stated.