Products, Companies & Markets


Entrepreneurs stage tax-related protest outside Armenian government
/Mar 11/Panorama:

A group of entrepreneurs engaged in soft drink production are protesting against the planned amendments in Armenia’s Tax Code outside the government HQ on Monday.

According to the proposed amendments, excise taxes will be imposed on soft drinks in Armenia, due to which their prices are expected to grow by some 30-40 percent.

Stressing the new law will hit ‘the poor in the pocket’, the protesters claim the price hike will eventually lead to a lower demand of their products and shutdown of the companies. One of them claimed the new measure ‘is nothing other than an attempt to monopolize the market.’

Chairman of the Informed and Protected Consumer NGO Babken Pipoyan, who also jointed the protesters, claimed the new tax system will affect the quality of soft drinks.

Pawnbrokers and currency exchange employees were also among the protesters, demanding the government to revise planned increases in tax duties, according to which pawnshop duty will grow to 6,000,000 from the current 100,000 drams, and currency exchange duties – to 3,000,000 from 50,000.

The protesting crowed demanded a meeting with Finance Minister Atom Janjughazyan and Deputy Prime Minister Mher Grigoryan.

Deputy National Assembly Speaker Alen Simonyan stepped in to negotiate with the protesters, promising to discuss their complaints with his colleagues. He also hailed the people’s move to voice their complaints.

Armenian leather production potential presented at international exhibition

YEREVAN – With the support of Business Armenia, 8 Armenian companies are taking part in the international exhibition MosShoes 2019, on March 12-15, in Moscow, with a joint pavilion, Business Armenia told Armenpress.

Armenian companies represent shoes, leather accessories, and other products. Two of the brands are participating in this international exhibition for the first time. As a result of the previous exhibition, Armenian companies have received export orders worth of 122 million AMD.

The Armenian corner has been replenished by one leather processing, 5 shoe producing, and 2 bags and accessory producing companies. 

MosShoes is the largest specialized exhibition of leather products in Russia and Eastern Europe. It is held four times a year. The exhibition hosts about 12,000 major buyers and specialists in the field annually.

Pawnshop operators protest planned 6000% tax hike
/Mar 14/

YEREVAN – Entrepreneurs operating pawnshops and currency exchange offices are demonstrating outside the government headquarters in Yerevan against a planned amendment of a law regulating their businesses whereby the government wants to raise state duties for operating this kind of businesses. The bill suggests raising pawnshop duties from the current 100,000 drams to 6,000,000 drams (5900% hike), while currency exchange operators will pay 3,000,000 instead of the current 50,000 drams.

The entrepreneurs claim they will go out of business in the event of such tax hikes.

Ashot Poghosyan, a man who runs a pawnshop, says the proposed changes are illogical.

Few days earlier the entrepreneurs were holding a similar protest outside the government headquarters. On that day, Vice Speaker of Parliament Alen Simonyan approached the crowd to negotiate. He said he has convened an expert discussion on the matter to understand what can be done.

600,000,000 drams to be invested in Armenia’s Gyumri for textile production
/Mar 14/

YEREVAN – The government has granted Armtex Group, a textile manufacturer, customs and tax privileges as part of a priority sector investment project.

The company is granted with a 3-year delay of VAT payments and exemption of customs duties.

Deputy Minister of Economic Development and Investments Avag Avanesyan said that the company plans textile production in Gyumri. Armtex Group will invest more than 600,000,000 drams.

40 jobs will be created.

The total volume of products will total 420,000,000 drams annually, of which 50,000,000 will be exported to Russia, while 370,000,000 in USA and Canada.

Indian businessmen plan to make investments in Armenia
/Mar 15/

YEREVAN – Armenia’s deputy minister of economic development and investments Avag Avanesyan received a group of Indian businessmen, the ministry told Armenpress.

The investors stated that they plan to make investments in Armenia in a number of sectors, in particular, trade, services and industry.

At the request of the guests the deputy minister introduced Armenia’s investment attractions and foreign privileged markets. Avag Avanesyan drew the attention of the guests on the privileges provided by the state to investment programs.

At the end of the meeting an agreement was reached to continue the discussions on programs and regulations that are interesting to investors.

Armenian jeans to replace foreign ones: “Made in Armenia” jeans production launched in Gyumri
/Mar 18/

YEREVAN – Chinese and Turkish jeans will be replaced by Armenian ones.

Made in Armenia jeans will be available in stores in a month. The jeans are produced in Gyumri. The Zakaryan family invested 2 million USD for launching the production.

The Armenian government has posted a video on Facebook about this new production.

“R. Zakaryan company has imported all the necessary equipment for making high-quality products from abroad. And the government assisted the company on this matter: the term of the VAT payment calculated by the tax and customs agencies in case of import of goods has been reduced by three years. This allowed to save money and spend it for purchasing equipment”, the company’s commercial director Lilit Zakaryan said.

Experienced Italian specialists have arrived in Armenia to help preparing necessary cadres.

Technologist Mauro Di Giuseppe arrived in Armenia to help making high-quality products. “We still have some path to pass, but I have a great desire and will to share my entire experience”, Mauro Di Giuseppe said.

The work in the new production unit is mainly automated. Over 50 people are working in the production. There are plans to increase their number by 100 in the next two years, as well as the production by 4 times.

“We plan to consume approximately 5% of our production in Armenia. Export is our main target. We already have a contract with Russia, will have another ones with the Italian and other European companies in the nearest future”, Lilit Zakaryan said, adding that in addition to jeans and jackets, they also plan to make shirts and other knitwear.

Armenian President receives Veolia company’s executive vice president for Central and Eastern Europe
/Mar 20/

YEREVAN – President of Armenia Armen Sarkissian received Malika Ghendouri, executive vice president for Central and Eastern Europe at Veolia, one of the leading French companies, the President’s Office told Armenpress.

Malika Ghendouri introduced Armen Sarkissian on the company’s activities and programs in Armenia.