Armenia recently agreed to exempt WKS-Armenia, one of the largest foreign-owned textile companies in the country, from import duties on textile equipment for three years.
This decision will help the company expand its production and operation scale. The company currently has 700 employees, and according to the company’s development plan, the number of employees will increase to 10,000. The Armenian Prime Minister believes that the company’s ability to create 10,000 new jobs is very important to Armenia’s social stability, because Armenian mining companies are currently experiencing severe layoffs, and the company’s new employees can relatively offset the troubles caused by layoffs in mining companies.
51% of the company’s shares belong to Germany’s TextileSolution, and 49% of its shares belong to Krisitina Geledge of the Netherlands.
