YEREVAN. – When we give privileges to companies—we are postponing the VAT payment for three years and we are exempting from customs duties—in fact, that is the only tool to promote investments. Prime Minister Nikol Pashinyan said this at Thursday’s Cabinet session of the government of Armenia.

“With this mechanism, the government has approved 11 programs, with a condition of a $35.3mn investment and with 502 jobs, in the first five months of 2018,” Pashinyan said. “[But] in the [first] five months of the current year, we have 25 investment projects, with a condition of a $254mn investment and with 2,379 jobs; that is, with the use of this tool, we have a sevenfold increase in terms of investments, a fourfold increase in terms of jobs.”

Pashinyan added that they have analyzed the steps taken in this direction, and found out that there are no tangible risks there.

“People accurately carry out the programs, by 90 and greater percent,” the PM added. “The ‘not carrying out’ is linked to delays.”