AMIO Bank to be exempt from customs duties on import of equipment,  components and raw materials for Mel Metal company

ArmInfo.  AMIO Bank will be exempt from customs duties on the import of equipment, components and raw materials. This decision  was made during the RA government session on July 17.

As noted in the justification of the draft decision, AMIO Bank will  transfer the imported equipment, products and raw materials to Mel  Metal company for the implementation of the investment program. The  imported equipment is intended for the processing of lead-acid  batteries. These activities will be carried out in Artashat. The  company was established in 2019.

As part of the project, it is planned to invest 1.2 billion drams in  the acquisition of fixed assets, raw materials and construction work.  Currently, the enterprise has created 27 jobs with an average monthly  salary of 135,000 drams. Within the framework of the investment  program, it is planned to increase the number of jobs to 42 with an  average monthly salary of 170,000 drams. The cost of goods presented  under the benefit is 129 million drams. The benefit for exemption  from customs duties is estimated at 8.2 million drams. The  application of the benefit, as noted in the justification, will serve  as a serious incentive for the implementation of new investment  programs, leading to the creation of new jobs, attracting investment,  stimulating local production and exports. It will also contribute to  enhancing the technical equipment of the manufacturing industry.