Production of public buses intended for consumption in the Eurasian Economic Union market is to be established in Armenia, within the framework of a joint programme by the Korean company “Youngsan” and the Armenian State Interests Fund. The value of the new investment programme is estimated at 4.4 million dollars. The Fund’s Chief Executive Officer Davit Papazyan spoke to Armenpress on this subject.
“A public bus assembly centre is to be established. The buses are intended for the Eurasian Economic Union market. There is a very clear targeting. Armenia is becoming a convenient country for international enterprises. They are not the only ones with whom discussions are under way, with the aim of using Armenia as a production point for selling products to EAEU countries,” said Papazyan.
The initiative came from the Korean company as early as last year. Company representatives contacted the RA Ministry of Economy and the Investment Support Centre.
“Last year, work was carried out by the company with the RA Ministry of Economy and the Investment Support Centre. A decision was made to ensure the programme’s further course in cooperation with the Armenian State Interests Fund,” stated the Minister’s press secretary Anna Ohanyan.
According to Papazyan, “Youngsan” is a fairly large enterprise, having recorded sales of over half a billion dollars last year. Clarifications still need to be made regarding the public buses to be produced in Armenia. Probably three types of public buses will be produced, whose length will reach up to 10 metres.
According to the Fund’s director, for now the raw materials will be brought from abroad, but there is a goal that over time the raw materials will also be produced in Armenia.
The enterprise is planned to be launched this year. The exact location of the factory has not yet been decided; three options are being discussed, and it will be clarified with foreign partners.
