The ‘fake’ plant in Armenia to increase investments to $10.1 million

ARKA, Armenia

YEREVAN, April 25. /ARKA/. The International Manufacturing Group CJSC (IMG Group) will increase the investment in the production of household machines to 4.9 billion drams (about $10.1 million), Economic Development and Investments Minister Tigran Khachatryan said at a government meeting today.

The government of Armenia decided today to provide the company with a set of customs benefits for import of equipment and raw materials. 

The minister said the company has already invested 2.2 billion drams in the construction of workshops and equipment imports, and plans to bring investments to 4.9 billion drams under a new program.

He said the company is engaged in the assembly of household appliances, including TV sets, washing machines, refrigerators and air conditioners in the village of Merdzavan in Armavir region.  According to him, the new investment is expected to create some 60-70 new jobs with an average salary of 200 thousand drams.

The minister said also the company plans to assemble 90 thousand pieces of household appliances a year. The output is to reach 11.3 billion drams, of which 4.5 billion drams worth goods will be sold in Armenia and the rest in other countries.

In this regard, Prime Minister Nikol Pashinyan asked if this is the plant that he opened late last year. He said there were rumors that the plant did not operate and was a ‘fake.’ 

"This is not a fake plant. Its launch is being delayed because some of the equipment  was to go through customs clearance at the port of Poti in Georgia. Now it is on the way to Armenia, and the first batch of goods  will be produced within a month," said Khachatryan.

He also noted that at the first stage the goods will be assembled in Armenia, and at the second stage some parts will be produced here.

The opening of the plant took place on December 5, 2018 in the presence of Prime Minister Nikol Pashinyan. The plant is a joint Armenian-Lebanese-Syrian program. -0-