Alex Textile to expand production in Armenia

07 Apr '18
1 min read
Courtesy: Alex Textile Company
Courtesy: Alex Textile Company

Alex Textile company, the Yerevan based socks and garment manufacturer, is planning to expand output by importing machinery and equipment worth 706.3 million drams. This will result in creation of 80 new jobs with an average monthly salary of 70,000 drams ($145), Suren Karayan, minister of economic development and investments, said at an official meeting.

Around 683.8 million drams worth of output will be sold in Armenia, while another part valued at 833.6 million drams will be exported to Russia, and 2.5 million drams to Italy, an Armenian news agency reported.

Owing to the expansion plan, the Armenian government has exempted Alex Textile from payment of customs duties.

Alex Textile is also planning to venture into production of home textiles with an investment of €10 million in setting up a factory on 20,000 sq metres of area. (RKS)

Fibre2Fashion News Desk – India

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