The Armenian Government recently decided to offer customs benefits to Alex Textile as the company has announced to invest more than 15.6 billion drams (AMD) to raise its production output. The company, which employs 1,104 people, will spend AMD 14.1 billion to purchase raw materials and AMD 1.5 billion to buy equipment and construct new divisions.
After the investment goes into effect, around 400 jobs will be created, according to media reports in the country.
The revised production volumes of the company are expected to be worth 26.8 billion drams, of which 7.8 billion drams worth products will be sold in the domestic market, 19 billion drams worth items will be sold in the Eurasian Economic Union (EEU) countries, and 70 million drams worth goods will be exported to other nations like Italy and France.
