Thursday, 15 August 2013
Government Encourages Investment Programs
The Cabinet held today a regular meeting, chaired by Deputy Prime Minister Armen Gevorgyan.
The government granted Bio Group Ltd a 3-year VAT holiday until August 15, 2016 for over 300 million dram worth of goods and equipment imported under the ongoing investment program. Bio Group is going to build a greenhouse facility hosting a cucumber and tomato farm on over 10.7 square kilometer-wide area in Jrvezh community of Kotayk Marz of Armenia that will be equipped with famous Dutch technology. Some AMD660mn shall be invested to result in more than 700 million dram annual output capacity, most of which will be exported to Georgia, Russia and the United Arab Emirates. Over two dozen jobs will be available under the project.
The meeting next approved an amendment regarding a similar VAT holiday accorded to At-Metals Ltd, aimed at complementing and clarifying the list of imports. The Company is planning to study the Meghrasar mine in Syunik Marz to launch an ore processing plant for subsequent extraction of gold and silver. At-Metals intend to open up 75 jobs this year, with 105 jobs pending next year, offering an average monthly salary of 270 thousand drams.
The Cabinet went on to approve a procedure, as well as the manner and timing for the transfer of funded pension system component participants’ registry. The amendment was necessitated by the provision of the law On Funded Pension, according to which all relationship associated with this process shall be streamlined in case the register keeper is replaced or suspended.
In an effort to build up an underlying regulatory framework for efficacious and uninterrupted operations of the voluntary and mandatory components, the meeting passed another decision with a view to amending a regulation aimed at addressing the problems arising during the testing stage of AMPIS program.
The Ministry of Sport and Youth Affairs was allocated AMD30mn to ensure Armenia’s participation in the Francophone Games this September 6 to 15 in Nice, France. In addition, AMD3mn was provided in preparation for the 90th anniversary of the Armenian public agency for physical culture, including the purchase of corresponding medals and badges.
Lori Marz administration was allocated an amount equivalent to euro 1,650.0 to settle membership fees for the International Association of Francophone Regions. Lori Marz was become a full member of the Association in November, 2011, after years-long cooperation between the Armenian province and Provence-Alpes Cote d”Azure region of France.
