• May 21, 2024

Armenia Tobacco Firm Exampted from Duties

 Armenia Tobacco Firm Exampted from Duties
Photo: Tobacco Reporter archive

The Armenian government will exempt cigarette manufacturer DrimCompany from customs duty payments on raw materials imports to encourage investment, reports the Arka News Agency.

Founded in 2021, DrimCompany aims to sell its products internationally, with a large share of exports going to the Eurasian Economic Union countries.

DrimCompany has pledged to invest AMD11.9 billion ($24.67 million), including AMD2 billion in the purchase of a new production line. The rest will be spent on the construction and purchase of raw materials and equipment.

The company said it will create 100 new jobs with an average salary up to AMD450,000 by 2024.

The customs duty exemption benefit is estimated at AMD937.7 million.