ArmInfo. Gloria Sewing Factory LLC is investing 3 billion drams in the expansion of clothing production. The company's application for a tax exemption in the form of exemption from customs duties on imported equipment was approved at a government meeting on September 26.
As Armenian Minister of Economy Tigran Khachatryan stated, the Gladia Vanadzor sewing factory has been operating since 2009. The company employs 1,100 seamstresses; according to the results of the implementation of the proposed component of the investment program, 250 more jobs will be created. The planned volume of products will be 10 billion drams annually. Products worth 500 million drams will be sold in Armenia, 3.5 billion drams in the EAEU countries, 6 billion drams in third countries. In 2018, the company paid 441 million drams to the state budget of taxes. As a result of the approval of the application, as Khachatryan noted, state treasury's lost revenue will amount to AMD 9.2 million. According to ArmInfo, Vanadzor Sewing Factory Gloria LLC operates on the basis of orders from a number of foreign companies on their raw materials and equipment (that is, according to the tolling scheme), and all products are sent to European countries.
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