Prime Minister Tigran Sargsyan traveled to Charentsavan to see first hand the impact of the investments made by ASKE Group and Dzulakentron companies, as well as to get acquainted with the development programs.
In particular, ASKE Group, which is going to produce fittings, was said to have made USD 30mn investment over the past two years. As a result, the company has acquired modern equipment from Siemens VAI (fittings, automated rolling mills, hydraulic scissors, a casting ladle etc).
The government has granted the company a 3-year VAT holiday on imported all goods.
Following refurbishment, the company will be able to annually produce nearly 125 thousand tons of 8-32 mm fittings, about 30 percent of which is meant for export. Upgrades will be complete by this June-July providing some 350 new jobs with an average salary of 120 thousand drams.
Prime Minister Sargsyan held a consultative meeting to discuss the company’s those job-oriented investment programs to be supported by the State. Welcoming the projects submitted, Tigran Sargsyan said the government is ready to back them with a variety of tools. The company executives said there were several vacancies in need of qualified professionals that could be filled with skilled labor invited from Russia, The Prime Minister’s next port of call was at “Dzulakentron” factory, which specializes in the manufacture of metal castings intended for domestic use.
Mainly focused on the home market, the company gets the needed raw materials from local manufacturers, with some imports coming from Russia, Ukraine and Iran.
Dzulakentron’s clientele features the integrated copper and molybdenum plants of Zangezur, Kapan and Agarak, the ore-dressing plants of Akhtala and Drmbon (Nagorno-Karabakh) and a number of other businesses and organizations. The company produced and sold AMD4.15bn-worth output in 2012, about 50% up the figure of 2011.
As of March 1, 2013, the company had produced goods to an aggregate cost of around 710 million dram boasting a 17% increase over the same period of 2012. Domestic sales amounted to AMD925mn (up 57.5%).
Dzulakentron currently employs 325 people. Having contributed to the treasury AMD0.67bn in 2012, the company is the 144th largest taxpayer in the country.