Ministry of Economy of Armenia has submitted details of investment program for a total of $ 459 million

ArmInfo. The press-service of the Ministry of Economic Development and Investments told ArmInfo, during 2017 implementation of investment programs totaling $ 459 million is expected, and creation of 5927 new jobs.

As the press-service of the Ministry reports, the Ministry examined the specific investment projects, and held discussions with the private sector on possible areas for support. As a result, it provides for the implementation of investment programs in the amount of $ 429 million in 2017, and is expected to create more than 5927 new jobs.  "The sources of funding for these programs are already clarified", - said the source.

In the field of light industry the implementation of 10 programs is planned, in which the investment will amount to $ 24.9 million, the number of jobs will be 2299. The sector of precision engineering will be invested $ 9.5 million, and created 142 jobs by the end of the implementation of 7 investment programs.  Five programs will start in the jewelry and the field of mining. The investment in jewelry sphere will amount $7 million, and will create 59 jobs, and in the mining industry will be invested $230.3 million, and created 1464 jobs. Four investment programs will be implemented in the areas of pharmaceuticals, energy and the production of beverages. The investment will amount to $5.5 million, $63.5 million and $12.6 million respectively, and will create 195, 75 and 215 jobs. Three investment programs are planned in the areas of food, agriculture and logistics, telecommunications and IT. The investment will amount to $4.5 mln, $60.1 million. $32 million, and, and will be created 440, 776 and 70 jobs. Two programs will be implemented in the production of non-metallic ores and metals. The total investment will amount to $ 5.5 million, 32 new jobs will be created as a result. It is noted that in Yerevan will be carried out 33 programs (investment-$ 143,270mln, jobs - 1823), in Syunik region - 5 (investment - $ 25.3million jobs-395), in Gegharkunik - two (investment - $2.69 million, jobs-54), in Lori - three (investment-$29.7 million, jobs- 324), in Tavush- three (investment-$3.33 million, jobs-900), in Kotayk-three (investment-$12.45 million, jobs-112), in Shirak -two (investment$5.7 million, jobs-330), in Armavir-two (investment-$7 million, jobs- 220), in Aragatsotn-one (investment -$9.7 million, jobs-144), in Ararat-two (investment-$20.7 million, jobs 525), in Vayoc Dzor-one (investment-$200 million, jobs-1100). The Ministry says that the work between investors and business is permanent process. Economy Ministry constantly receives applications from different companies about the possibilities of using instrumen state support for the implementation of new investments. "Currently, the applications of five companies are being considered for deferral of VAT payments. In the result of these programs, 200 new jobs will be created, and investments will amount at $11.8 million. It is also expected portfolio investments of about $100 million in Armenian companies", says the Ministry.

"The investors use the instruments of the state support, particularly the deferral of VAT payments on a three years term, in the case of import of equipment as part of investment programs they are being exempt from customs payments on the part of the raw materials and equipment in priority areas, and use available credits, provided by SME Investments and other instruments of financial support by the tools of state support, SME and export, leasing for ten years at 9%, and benefits for free economic zones", reports the Ministry.