Armenia: exports up in May 2019

According to the National Statistical Service of Armenia, Armenia recorded a 11.7% growth of exports of goods in May 2019 against May 2018. Some types of the goods recorded double-digit rise of export in May 2019 against May 2018, as well as in the January-May of this year against the same period of 2018. Some…

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…