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…
$38.2 million will be spent on the modernization of Shirak and Zvartnots airports in Gyumri and Yerevan respectively. When approved, the project initiated by the concessionaire of both airports will seek to ensure ICAO safety standards, the airport capacity will be made consistent with the expected increase in passenger traffic and reach the level of…
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…
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…
The Armenian government will provide more than AMD 191 million (some $400,000) to the Ministry of Transport, Communication and Information Technologies for the renovation of the road connecting Yerevan to the Iranian border. In particular, 448 km section will be repaired. Besides, the government will also give more than AMD 60 million ($124,000) for the…
Electric cars will be exempt from value-added tax (VAT) in Armenia if they are not re-exported within a year after the day of the import, when amendments to the existing tax code are approved. The vehicles, according to the proposed changes, cannot be exported to the countries of the Eurasian Economic Union (EAEU). If approved,…
With the support of Business Armenia and an investment of several million dollars, a new factory will be found in Armenia. Ghalbourjian Group, in particular, aims to start production of vegetable oil and other additives. In the first stage of the project the firm will be investing $500.000 The plant will be built in the…