ArmInfo.Artik Spinning Factory LLC intends to invest 6 billion drams to the establishment in the city of Maralik of the Shirak region of Armenia an enterprise for the production of threads and medical cotton. The government of the Republic of Armenia approved the application of the company for the postponement of VAT payments for imported equipment and raw materials at the meeting on December 6.
As reported at a government meeting, the Acting RA Minister of Economic Development and Investments Tigran Khachatryan, a company that will launch its activities in the renovated building of the cotton- spinning mill, will also be engaged in processing waste from fabrics. Of the total investment program, 4.26 billion drams will be used to purchase high-quality raw materials and other goods. As a result of the project, 160 new jobs will be created with an average salary of 185 thousand drams.
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