IAF President meets Enterprise Armenia Representatives
On 10 February, Co-Founder and President of Indo-Armenian Friendship NGO Mr. Rananjay Anand visited Enterprise Armenia and met their representatives Mr. Zohrab Daveyan and Ms. Lilit Haroyan for a preliminary discussion regarding FDI in Armenia. Mr. Rananjay Anand was accompanied by IAF's Vice-President Mr. Karen Hovhannisyan.
The purpose of the meeting was to get first hand preliminary information with the policies of the Govt. of Armenia regarding Foreign Investments in Armenia. The sides discussed about various opportunities and modalities regarding FDI in Armenia. They discussed particularly how Enterprise Armenia can guide and help in realising FDI investments under the defined guidelines and how can they cooperate with IAF as well while IAF works towards attracting Indian Investments in Armenia.
It is to be noted that Enterprise Armenia is the national investment promotion authority of Armenia led by the Prime Minister of Armenia Mr. Nikol Pashinyan as the Chairman of the Board that includes Dty. Prime Ministers, Minister of Foreign Affairs, Minister of Finance, Minister of Economy and so on. Their main mission is to promote and facilitate foreign and domestic investments, attract new foreign direct investments, support and provide financing to SMEs.
The promising sectors for FDI in Armenia are Agriculture, ICT, Textiles & Garments, Tourism, Winemaking, Pharmaceuticals, Food Processing, High Technology like Artificial Intelligence and so on..
Investors can benefit from the following tax incentives:
Agricultural production is exempt from VAT and profit tax.
Exemption on payment of customs duty for importing equipment and intermediate goods from a non-Eurasian Economic Union member country that cannot be replaced by goods and equipment produced in EEU country, within the scope of investment project in the priority sector of Armenia's economy and exceptionally in the territory of Armenia.
Postponement of VAT payments for up to 3-year period on importing equipment and intermediate goods within the scope of investment projects approved by the Government.
VAT and profit tax exemptions in border territories (list of communities approved by the Government) of Armenia.
Exemption from VAT and profit tax for operations in Dilijan community and adjacent territories of the Tavush marz of Armenia within the scope of investment projects above approximately 4 million USD.
Exemption from profit tax and reduction of the income tax rate (on salaries) to 10% for the IT sector startup companies.
Medical equipment, sales of medical products, medical services are exempted from VAT payment.
Exemption for customs duties, profit tax, VAT, property tax for the resident companies of the free economic zones.
IAF is now seriously working towards attracting Indian Investments in Armenia. Interested Indian companies can send their proposals for cooperation or queries to IAF at admin@india-armenia.com and contact@indus-aurora.com.
We are grateful to Mr. Zohrab Daveyan and Ms. Lilit Haroyan for their time and cooperation.
