Swiss Ambassador to Armenia Lukas Gasser: Switzerland will try to contribute to a peaceful settlement of the Nagorno-Karabakh conflict without questioning the established formats such as the OSCE Minsk process
by Hovhannes Kazaryan
Armenia's Prime Minister Tigran Sargsyan is satisfied with how the Oval Plastic company is spending the 140mln AMD state loan it received from the Investments Universal Credit Organization.
While visiting Oval Plastic on Wednesday, the Premier said that the loan has helped the company to redouble its output. "We will continue financing the company so as to help it to export its products," Sargsyan said.
CEO of Oval Plastic Varuzhan Khalatyan said that 60mln AMD was spent to cover the debts and 80mln AMD on new equipment (leased from ACBA Leasing).
"Now we are expecting to receive additional 60mln AMD to be able to modernize our production, to reduce our costs, to create new jobs and to become more competitive on the market," Khalatyan said.
He said that the company's products are in demand in Armenia, with only 10% exported to Georgia. "Once we modernize our production, we will be able to enlarge our exports and to secure contracts in Russia and Kazakhstan," Khalatyan said.
Established in 1995, Oval Plastic produces plasticware for food, drink, chemical, pharmaceutical and cosmetic industries.