ArmInfo. Government of Armenia adopted an enactment on September 15 to exempt Nanman LLC from customs duty for import of denim fabrics from China to Armenia.
In his speech, Acting Ministry of Economy Artsvik Minasyan said the company is engaged in the field of light industry, which the government has recognized as one of the priority sectors. Nanman LLC imports 17,636 sq m of cotton denim fabrics. The production will total 33,700,000 of which 21,170,000 drams worth finished products will be sold in Armenia, and another 12 million drams worth products - in the Eurasian Economic Union countries. Under the investment program of 12,5 million drams, 3 new jobs at the average salary of 70,000 drams will be created. The cost of the imported raw materials will total 10.5 million drams, of which the state tax will make up 1.5 million drams. The company will get a tax privilege for 1.5 million drams, as import of technological equipment or raw materials for organization of production in the country is exempted from the customs payments.
Under this program, projects for $77.57 million have been implemented in the country, Artsvik Minasyan said adding that this implies creation of about 1,700 jobs. The ministry is monitoring the field and will report on the real investments and jobs created.
Prime Minister Karen Karapetyan was surprised at the draft decision, saying that the company's application passed too many instances to be approved. "I can imagine how much work the company had to carry out, how much nerves and time had to spent for some 1.5 million drams tax privilege," Karapetyan said.