The Armenian government decided at its September 24 meeting to exempt Jermuk Group CJSC from customs duties on imports of technological equipment, related components and accessories, as well as raw materials and supplies.
According to the rationale for the decision, the change is needed to support implementation of the company’s investment program in a priority sector. The imported raw materials and equipment are intended for the production of polyethylene heat-sealable film and for transporting the company’s finished products.
The company was founded in 1996, and the project will be carried out in Vayots Dzor province. The source says Jermuk Group belongs to the family of Vayots Dzor governor Vahegn Arsenyan.
The government also took into account the company’s plan to import the listed goods through a leasing organization. As a result, amendments were made to the earlier decision so the company can also bring in the goods under a leasing arrangement.
The list of imported goods was also revised, as the company plans to import equipment worth 215 million drams and an additional batch of raw materials worth 656.9 million drams. Following the amendments, the total value of the goods will amount to 4.3 billion drams.
The total customs-duty exemption is estimated at 270.7 million drams. The government says the incentive is expected to support new investment programs, create jobs, attract investment, and promote local production and exports.
