A New Factory Is Being Built In Armenia With An Investment of $ 850,000

Today Business Armenia has signed an MOU on investment of $850,000 and a construction of a new stainless steel equipment producing factory.

From the Business Armenia’s side, the document was signed by the Business support team leader Mr. Hayk Mirzoyan, whereas from the investment side the MOU was signed by the CEO of ARGA-Eurosteel, Mr. Garen Salkhanian.

According to the signed MOU, Business Armenia is to support the company during any stage of its investment and export processes.

The construction of the factory building has started in October 2017 and is expected to be over in the next few months. The stainless-steel equipment production is being founded in Kotayk region and will employ 24 people.

“For the next stage of the investments, which will be supported by the Government, the machinery and raw materials will be imported. We expect the factory to start operating within a few months and start producing industrial furnaces and other equipment for bakeries and kitchens. The company will offer design, production, installation and maintenance services” mentioned the CEO of Business Armenia, Mr. Armen Avak Avakian.

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