Armenian President discusses investments in textile sector

28 Jul '11

1 min read

President Serzh Sargsyan discussed the prospects of investments in Armenian textile sector, when a delegation of Haniel Group of Germany called on him in connection with the implementation of the company's ongoing investment projects in the country.

The President stressed on the necessity to impart training to prepare skilled personnel. The opportunities for market positioning of Armenia, the current manufacturing processes practiced globally, and structural changes were also discussed at the meeting.

Commenting on Haniel's recently opened sewing plant in Amasia, the Armenian President said he welcomed such investment projects even in other parts of the country, as they are the key to development.

Armenia has currently framed a new state policy that aims to improve business environment and encourage investments in the country. The policy targets generation of jobs and economic development.

Haniel and its Corporate Divisions are represented in more than 500 locations in Europe, Asia and the USA. The company's investments in Armenia are being routed through VKS Armenia Ltd with bases in Yervan and Vanadzor.

Although 2010 was shaped by sustained global economic uncertainty, the Haniel Group raised sales by around 3 billion euros and quadrupled its profit before taxes.

Fibre2fashion News Desk - India