Armenia’s PM Hovik Abrahamyan today paid a working visit to Armenia’s Shirak province.

The PM visited the new building of the Institute of Geophysics and Engineering Seismology (IGES) of Gyumri city. The building was constructed during 2006-15 on budgetary funds. The PM was introduced to the work of the institute: seismological construction projects, geophysical instrument engineering, geomagnetic exploring and seismic risk assessment in Armenia.

Following this, the PM visited Lentex textile company, which is one of the largest hosiery and knitwear manufacturer in the country. The company employs nearly 290 people at the average salary of 85 thousand AMD.

According to the Director of Lentex LLC, Karen Gomtsyan, in case of availability of funds, the company is ready to increase the production and open 300 new jobs. The PM instructed the company director to submit a business plan to Armenia’s Ministry of Economy within a short period.  According to Abrahamyan, he will personally oversee the entire process, from providing new territory to the company to allocating credit funds.

The PM also visited the 220 kW high-voltage Gyumri-2 substation of Electric Networks of Armenia. The substation is constructed on the funds of the German KfW bank in the amount of EUR 14,7 million. It must become a focal point in power supply to Armenia’s Shirak province.

Abrahamyan told Armenian News – NEWS.am that measures on opening new jobs remains the key objective of the government. Vartan Sirmakes, Swiss Armenian entrepreneur and the head of the famous Franck Muller watch company will help the government in implementing this objective. “Mr. Sirmakes has proposed to invest $10 million in Gyumri and create an institution, which will fund all the economic projects presented by small and medium entrepreneurs. I think, this will activate the economy and the employment in the sphere.

I have proposed government co-funding in the amount of $2 million. Thus, the entire amount will constitute $12 million. And, most importantly, the 5 per cent of funds will be provided annually for seven years,” Abrahamyan said.