SEVANI ISHKHAN COMPANY TO INVEST AMD 3 BILLION IN ITS FISH-BREEDING BUSINESS

YEREVAN, April 16. /ARKA/. Sevani Ishkhan Company is now launching a
fish-breeding and fish-processing business in Armenia with intention
to invest AMD 3 billion in it, Armenian Economy Minister Karen
Chshmaritsyan said Thursday at a regular Cabinet session.

At the session, the Cabinet ministers provided VAT adjournment to the
company for import of the equipment worth more than AMD 200 million.

Chshmarityan said that AMD 2.7 billion from the amount mentioned
in the investment programs will be spent on providing the plant
with equipment necessary for processing Sevan trouts and releasing
high-quality products.

The plant is expected to release every year products totaling AMD
900 million.

The minister said that the plant’s output will not only cater for
the domestic market’s demand, but will also be exported.

He also said that the company is planning to open 150 new jobs with
an average salary of AMD 270,000 in 2015, AMD 290,000 in 2016 and
AMD 320,000 in 2017.

In September 2014, the Armenian government allocated 180 hectares
on Lake Sevan’s coastal areas in Lichk and Karchakhpyur villages in
Gegharkunik province for a fish-breeding business.

The company will breed trouts right in the lake. It intends to build
up fish output to 50,000 tons a year by 2023.

The whole project is estimated to cost AMD 66 billion (about $162
million).

The company is going to export 75% of its output – fresh, smoked and
canned fishes. ($1 – AMD 472.64). —0—-

From: Baghdasarian