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Armenian govt grants tax exemption to Gloria Sewing

30
Sep '19
Pic: Gloria Sewing Factory
Pic: Gloria Sewing Factory
The Government of Armenia, a former Soviet republic, will grant a 752 million AMD ($1.58 million) import tax exemption to the Gloria Sewing Factory in Vanadzor, the third-largest city in the country. Gloria plans to invest 3 billion AMD ($6.3 million) to buy new equipment and renovate new branches, according to the Armenian ministry of economy.

In addition, the company plans to import raw material worth 8.325 billion AMD ($17.49 million) from China and Turkey to make clothing items, media reports said quoting the ministry.

Under its investment programme, Gloria Sewing aims to create 200-250 new jobs at an average salary of 120,000 AMD ($252).

Founded in 1977, Gloria Sewing's production units are equipped with Juki, Pfaff and other latest sewing machines and equipment. The company has factories at two locations with combined employee strength of 2,500, where 150,000 pieces of clothing—including coats, jackets, motorcycle clothing, and protective clothes—are produced every month.

Fibre2Fashion News Desk (RKS)


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