Armenia: wage taxes not to overload entrepreneurs

The proposed amendments to the Tax Code plan a 23% flat income tax, which in turn will reduce year-by-year and reach 20%, Deputy Minister of Finance Arman Poghosyan told lawmakers at hearings of the economic affairs committee. A representative of a civil society organization asked the official, which countries they’d observed in terms of experience…

Armenia: TAROM announces regular Bucharest-Yerevan flights

Romanian TAROM airline will launch regular Bucharest-Yerevan flights twice per-week, the Zvartnots airport of the Armenian capital said. It said TAROM would further increase the frequency of flights to three-times per week. Months earlier the deal was reached between TAROM and Zvartnots airport. The airport did not specify when exactly the flights would commence. (Armenpress/Business…

Armenia: electricity to be exported to Iraq

Armenia and Iraq are planning to launch energy cooperation, Ambassador Hrachya Poladian said after a meeting with Iraqi Minister of Electricity, Dr. Loay Al-Khatib. “The Ambassador noted the possibility of cooperation in the field of electricity transmission from Armenia to Iraq, and the use of alternative energy sources,” the Armenian Embassay said in a tweet.…

Armenia: production of medical supplies established

Production of quality medical supplies has been established in Armenia, Health Minister Arsen Torosyan said in a Facebook post. While syringes, blood collection containers, insulin pen needles and other supplies are currently manufactured in the new plant, Torosyan said catheters of various sizes and for various purposes would also be produced in the near future.…

Armenia: trade turnover with EU up in 2018

Armenia’s trade turnover with the member states of the European Union recorded a major growth in 2018, comprising $1 billion 830 million 74 thousand, moreover, the export grew by nearly 8%. The GSP+ privileged trade regime and the new electronic system for certification of origin of goods greatly contributed to the boosting of the commercial…

Armenia: TAROM to connect Yerevan and Bucharest

Romanian flag-carrier TAROM is entering the Armenian market after earlier reports of the company’s interest in the country. A presentation celebrating the launch of the airline’s activity in Armenia is slated for January 18. Representatives of the General Department of Civil Aviation, the Ministry of Transport, Romania’s Embassy in Yerevan, as well as some 80…

Armenia: financial system stable

Armenia’s macroeconomic performance has been satisfactory, and the financial system has been stable in 2018, the Executive Board of the International Monetary Fund (IMF) said in its Financial System Stability Assessment (FSSA) of the country. Armenia’s financial system has expanded further since the 2012 Financial Sector Assessment Program (FSAP). According to the IMF, Armenia’s banking…

Armenia: tractors manufacture to begin

Acting Prime Minister Nikol Pashinyan met Armen Harutyunyan, the head of Beltekhnika, a Lithuanian company engaged in the production of agricultural equipment. At the meeting in Yerevan, the parties discussed issues related to Beltekhnika’s initiative to implement an investment project for the production of agricultural machinery such as tractors in Armenia. Reaffirming the Armenian government’s…

Armenia: pizza makers eager to enter market

Papa John’s Pizza, Baskin Robbins and Domino’s Pizza are eager to enter the Armenian market, according to a press release from the U.S. embassy in Armenia. The Embassy and the U.S. Commercial Service in Moscow, in partnership with IDBank, organized a one-day conference focused on franchise business opportunities. The event is part of an ongoing…

Armenia: nuclear energy production to grow

Armenia’s nuclear energy production will grow by 10% under the service life extension and modernization program of the second power unit of the nuclear plant, minister of energy infrastructure and natural resources Ashot Manukyan declared on March 21. According to him, the capacity factors of electricity production are currently equally distributed in Armenia. “Nuclear energy,…

Armenia: government debt down in February 2018

Armenia’s government debt decreased by 0.6% in February, official data reveals. According to information provided by the finance ministry, the country’s debt totaled $6.898 billion in January and dropped to $6.851 billion the next month. The foreign debt is down by 0.2% in the reporting period, decreasing from $4.963 billion in January to $4.950 in…

Armenia: basturma and sujuk produced of ostrich meat

Ostrich breeding is developing in Armenia, with a farm in the country’s Armavir province currently producing and selling basturma, sujuk and other products of ostrich meat. Minister of agriculture Ignati Arakelyan visited the province where non-traditional agriculture was gathering pace. The ostrich farm, in particular, was established in 2008 while the birds were imported from…

Armenia: trade turnover with Switzerland up in 2017

Trade turnover between Armenia and Switzerland grew 3.6-fold in 2017, Armenian Prime Minister Karen Karapetyan said at a meeting with Dominique de Buman, President of the National Council of the Swiss Confederation. “We should consistently build on our achievements in bilateral economic ties,” the PM said. “We are confident that Armenia may attract Swiss capital,…

Belarus: trade with Armenia to increase

Belarus and Armenia have a big potential to increase mutual trade, Belarus’ Prime Minister Andrei Kobyakov said at a one-on-one meeting with his Armenian counterpart Karen Karapetyan. According to Karen Karapetyan, last year the two countries increased trade by 20%. However, the two states can do much more. “There are more opportunities for trade growth.…