Thursday, October 19 2017 15:17

ArmInfo. The Armenian  manufacturer Nanman LLC invests 59.6 million drams in the manufacture  of outerwear. On October 19, the Armenian government once again freed  the company from the customs duty for import of technological  equipment, spare parts and components, raw materials and materials.

Nanman, which imports jeans fabric (denim) from China, plans to  modernize and expand the sewing industry as part of the investment  program, creating 3 new jobs. 48.190 million drams will be used to  purchase equipment.

Recall, LLC "Nanman" is the third time the tax privilege is granted,  which due to this successively expands production. On September 15,  2016, by the decision of the government, the company was exempted  from customs duty for import of denim cotton fabrics to Armenia from  China.

As ex-Minister of Economy Artsvik Minasyan noted in his speech,  "Nanman" imported from China 17636 sq. M. denim cotton fabrics. It  was reported that the company's production volume will amount to 33  million 700 thousand drams, of which in Armenia it was planned to  realize finished goods for 21 million 170 thousand drams. In the  countries of the Eurasian Economic Union, it was envisaged to realize  finished goods for 12 million drams. The volume of investments  amounted to about 12.5 million drams, and the cost of imported raw  materials - 10.5 million drams, of which the calculated state duty  will be equal to 1.5 million drams. Already in March 2017, "Nanman"  delayed the payment of VAT for 3 years when importing goods to the  territory of Armenia. Within the framework of the investment program  for 20 million drams the company planned to modernize and expand the  sewing production. 13 million drams the company sent to purchase  equipment, with the creation of 15 new jobs.