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ENTREPRENEURSHIP / DEC. 27, 2012
version 19, draft 19

Government Props Up Successful Investment Programs

A Cabinet sitting was held today, chaired by Prime Minister Tigran Sargsyan.

Pursuant to the presidential decree of April 23, 2012 on spring conscription and demobilization campaign, in order to coordinate the activities, the government decided to set up a national conscription committee and regional (including Yerevan) conscription committees, as well as approved the composition of the central medical commission.

The meeting decided to extend until February 1, 2013 the deadline set for VAT settlements by Golden Grape Armas LLC for over AMD 300mn worth of goods and equipments imported under an ongoing investment program from November 1, 2011 to December 30, 2012.

The schedule has been reviewed considering last year’s adverse weather conditions, as well as the changes in the list of imported goods. The AMD 6.6bn-worth investment program implies setup of grape cultivation and processing, wine and brandy production, as well as agro-tourism development infrastructures on an area of about 180 hectares, with about new 80 jobs available.

"It is really an impressive program. A modern factory is being built to serve as a model for other entities. I believe that this example will be followed by other wine-producing companies as it helps improve output quality. Indeed, the chateau-based wine production will be of high market demand. This is one of our most successful programs,” the Prime Minister noticed.

The Executive earmarked over 55 million drams to reimburse the amounts settled by the Armenian Blinds Association as VAT and social payments.

The government approved a hothouse development program as presented by the Armenian Crop Promotion Center CJSC on the site adjacent to Noragavit district.

The meeting passed another decision backing Yerevan Mayor’s proposal to implement direct sales of separate plots of land with a total surface of 69.83 hectares on the aforementioned site located in Noragavit district.

It was decided that Armenian Crop Promotion Center CJSC shall be the project manager responsible for selection of potential investors by December 1, 2014. AMD 35-40bn investment is expected for the next three years with the possibility of 1500-2000 jobs.

“This is a new project with new approaches and financial mechanisms. Based on the principle of public-private sector partnership, we are enabling private companies to invest and participate in Armenia’s hothouse development program. There are a number of international partners to import know-how. This will make it possible to expand the positive experience in the regions, creating thousands of additional jobs,” the head of government said.

Amending a previous decree on high-ranking government officials’ and their family members’ income statement, the government clarified and finalized the list of requisites subject to declaration and expanded the inventory of statements so made.

The Cabinet backed the proposal on signing a development-oriented cooperation agreement between the governments of Armenia and Austria. The document will be financed on a grant basis as official development assistance.

 

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