"Rad Sane Vashamir Group" is exempted from VAT payments for equipment imported to Armenia for three years

ArmInfo. The "Rad Sane Vashamir Group" company is exempted from VAT payments for three years for equipment imported to Armenia for organizing production of composite gas cylinders. The relevant decision was taken at a government meeting on September 6.

Presenting the draft decision, Deputy Minister of Economic Development and Investments Albert Babayan noted that the overall cost of the investment program of the company "Rad Sane Vasharmir Group" is 11.1 billion drams, of which 1.1 billion drams will be spent on purchase of equipment. It is planned that 113 workplaces with an average salary of 160 thousand drams will be opened in the company. The gas-cylinder equipment is designed for operation under pressure of 200 atmospheres, which corresponds to the technical regulations of Armenia. In the future, the company intends to organize the export of its products.

Earlier, ArmInfo informed that "Rad Sane Vashamir Group" LLC represents the international industrial company "Rad Sane Vashamir" engaged in the production of composite cylinders, which carries out its activities in Turkey, Thailand and the Russian Federation. "Rad Sane Vashamir Group" LLC intends to implement the investment program in Lori region. The total investment is about $130 million, the number of employees (considering with infrastructures) will be up to 2000 people. The investments are envisaged in 3 directions: the production of composite cylinders, the foundation of factories engaged in the production of carbon microfibers and the construction of an agro-complex. Work on the construction of a plant for the production of composite cylinders was scheduled to begin in October 2017 and complete in April 2018, the volume of investments is $ 20 million, the number of employees is 100 people. Works on the construction of a carbon production plant were to be started in October 2017 and complete in November 2018, the volume of investments is $ 80 million, the number of employees is 300 people. And the enterprises founded within the framework of the agricultural complex will be engaged in the production of dairy products (milk powder, cheese, butter), livestock (meat production), fruit processing (production of fruit powder), and will have its own slaughterhouse.  The works were to be started in May 2018 and complete in May 2019.  the volume of investments is $ 30 million, the number of employees is 300-400 people.