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New investment of 300 million USD: Industrial complex to be built in Armenia

With the support of Business Armenia, Russian "Ecotechprom" LLC will build an industrial complex in Armenia with investments of $285-340 million. The Memorandum of Understanding on investments and after-care investment services was signed today, in the presence of acting Deputy Prime Minister Tigran Avinyan, acting Minister of Economic Development and Investments Tigran Khachatryan. The document has been signed by the acting CEO of Business Armenia Mr. Armen Avak Avakian and CEO of “Ecotechprom” LLC Mr. Sergey Sopin.

The industrial complex will occupy about 100 hectare of land, and will consist of 3 plants for sodium chloride and industrial salt, sodium carbonate, glass manufacturing. About 1100 jobs will be created.

“According to the business plan, the project work will be completed in December 2019 and the construction of industrial complex will be completed in 2022.  Every year one of the plants will be put into operation. The products will be mainly exported” noted Mr. Sergey Sopin, CEO of “Ecotechprom” LLC.

“This is a successful example of one-stop-shop foreign investments in our country: Armenia attracted investors' attention after revolution. Investors approached the Government, where they were guided to the Business Armenia Foundation. After receiving complete services in Business Armenia, an official document was signed today, which should be followed by investments” noted Mr. Armen Avak Avakian, acting CEO of Business Armenia Foundation.

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