The government has announced that it will exempt the “H&M Group” from import duty as part of its investment project in a wide field, effective from November 23. The products imported by “H&M Group” will be used in the production of aluminum and methacrylate doors and windows, facades, furniture, residential buildings, and similar products. The company, which was founded in 2016, will carry out production activities in Yerevan, the capital of the Republic of Armenia.

Under the investment program, the main investment of 1.5 billion drams will be used to acquire necessary production equipment and carry out construction work on the factory building. As part of this program, the company also plans to create 32 new jobs, with an average monthly salary ranging from 200,000 to 250,000 drams.

In order to avail the duty exemption, the value of the imported products presented by “H&M Group” is estimated to be around 10 billion drams. As a result of the exemption, the company is expected to save approximately 1.1 billion drams in customs duties.

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