The government has announced that on April 25, the closed pharmaceutical company “FARMATEC” was exempted from the maximum threshold for importing products as part of the ongoing donation program in the field of high technologies. The imported equipment will be used for the production of optical information carriers, lenses, and ophthalmic products, as well as for the construction of new manufacturing facilities. The production will take place in Yerevan, Armenia, and the company was founded in 1997. So far, it has received investments of 330 million drams and plans to attract 3 billion drams for equipment acquisition and plant modernization. Currently, there are 80 employees with an average monthly salary of 470 thousand drams, but by 2027, the number of employees is expected to increase to 94 people with an average monthly salary of 429 thousand drams.

Another company, “VALAN PROFE”, LLC, was also exempted from customs duties under certain conditions. The imported equipment for this company will be used for the production of methacrylate, aluminum doors and windows, and furniture. Like the previous company, the production will also be carried out in Yerevan, Armenia. “VALAN PROFE” was founded in 2004 and plans to attract 13.9 billion drams of investment for equipment acquisition and plant construction, as well as 1 billion drams for capital investment. Currently, the company has 131 employees with an average monthly salary of 153 thousand drams. By 2027, the number of employees is expected to increase to 192 people with an average salary ranging from 174 to 192 thousand drams. The value of products eligible for preferential treatment is 13.9 billion drams and the exemption from import duties amounts to 1.46 billion drams.

These developments in Armenia highlight the government’s efforts to promote the growth of high-tech industries and attract investment. By exempting these companies from import duties and providing preferential treatment, it is clear that the government is committed to supporting their development and expansion. This will not only create new job opportunities but also contribute to the overall economic growth of the country. With the increasing number of employees and potential investments, these companies have the potential to become major players in their respective industries, further establishing Armenia as a hub for technological innovation.