ArmInfo. ''ABC LLC Textile " invests 18.5 billion drams in the expansion of production.
The Armenian government at its meeting on December 19 approved the company's application for exemption from customs payments for imported equipment and raw materials.
As the Minister of Economy of the Republic of Armenia Tigran Khachatryan noted in his speech, earlier the executive body had already provided tax benefits to the company. The LLC launched its activities in the Ararat region of the country in 2017 and is engaged in the production of textile products. Since the establishment of the enterprise to this day, the company has employed 60 employees. Implementation of the expansion program will make it possible to employ another 110 people with an average salary of 192 thousand drams.
It should be noted that at the last meeting on December 12 the government approved the adjusted investment program of ABC Textile LLC and the corresponding application of the company for a 3-year deferment from VAT.
As Armenian Minister of Economy Tigran Khachatryan stated then, the company has been manufacturing towels in the Ararat region of the Republic of Armenia since 2017. At the first stage of production, the company has already invested 8.2 billion drams for the purchase of raw materials, at this stage the planned investment volume will be 10.5 billion drams. According to the information provided by the company, as part of the investment program, the company created 60 new jobs and made investments in the amount of 1 billion 823 million 702 thousand drams. Over the next three years of operation, it is planned to create 175 new jobs with a monthly average salary of 189 thousand drams. To recall, on May 3, 2018, the Armenian government approved the company's application for exemption from import customs duties on imported technological equipment, their components and raw materials. It was reported that ABC Textile, a textile company, intends to invest 10.9 billion drams ($ 20 million) in production expansion. As part of the investment program, it was planned to create 175 new jobs with an average monthly salary of 192 thousand drams.
In the meantime, this is not the first time the company receives tax relief from the government. On April 12, 2018, ABC Textile LLC received 3-year grace period from the Armenian government for payment of VAT on imported goods.
To note, the company was founded on October 10, 2017, and its founders, according to the Unified State Register of Legal Entities, are Cottina LLC and Natcom Limited. In turn, the founders of the first company are RA citizens Firas Mussalli Zhaki and Amin Mussalli Zhaki, and according to media reports, the owners of Natcom Limited are the daughter of RPA former lawmaker, oligarch Samvel Aleksanyan (nicknamed "Lfik Samo" - Ed. note) - Astghik Aleksanyan (40%), and the sons of the former Minister of Energy and Water Resources of Lebanon Arthur Nazarian, Lebanese citizens Peter and Harry (30% each).