CONSTRUCTION OF MEAT PROCESSING FACTORY TO FINISH IN 2010

NOYAN TAPAN
AUGUST 6 2009
YEREVAN

The Armenian government has deferred for 3 years the payment of the
value added tax sums (calculated by customs bodies) in case of the
import of goods exceeding 300 million drams by Nutfood CJSC under the
investment programs. The decision will enable Nutfood to import new
technologies and equipment and construct a modern factory for meat
processing, which will contribute to the improvement of the quality
of meat products of the local enterprises and promote exports to the
markets of developed countries.

RA Prime Minister Tigran Sargsyan stated at the August 6 sitting of
the government that since the RA National Assembly passed the new
law, the above mentioned decision is the first one on deferral of VAT
payments in case of import of goods exceeding 300 million drams. As a
result, Armenia will have a modern meat processing factory. The prime
minister added that in case of success, the experience will be used
in other sectors.

At the briefing following the sitting, Minister of Economy Nerses
Yeritsian said that the program is being refinanced by the European
Bank. Its total cost is 20 million USD.

According to him, the construction of the meat processing factory
will finish in 2010. Under the agreement, it is planned to produce
20 tons of products of various kinds daily at the factory in 2011-2012.