The government of Armenia on Thursday adopted a decision, whereby it is envisaged to grant tax privileges to Rad Sane Vashamir Group company of Iran.

The adoption of this draft decision stems from the need to push back for three years the deadline for the VAT payment for the import of goods by this company, and within the framework of an investment program.

Albert Babayan, the Deputy Minister of Economic Development and Investments of Armenia, introduced the respective draft decision. In his words, this company has presented an investment program, according to which it plans to manufacture composite LPG (liquefied petroleum gas) cylinders  in Armenia.

Within the framework of the investment program it presented, Rad Sane Vashamir Group plans to invest about 11.1 billion drams (approx. US$22,929,590) in Armenia.

“As a result of this investment program, it is expected that 112 jobs will be created (...) [in Armenia] in three years,” the deputy minister added, in particular.