(MENAFN) Lebanon's ARGA Urosteel and Business Armenia fund inked on Friday a cooperation memorandum to invest USD850,000 and launch a new plant producing machinery of non-corrosive steel.
Hayk Mirzoyan, the head of the fund's group for supporting business people said the plant's construction has launched in October 2017, and the plant is likely to start operating in October 2018.
He also said that the plant's products are expected to be sold also to the Eurasian Economic Union member countries well as to Ukraine, Georgia and Iran.
The director of ARGA Urosteel, Karen Salkhanyan, on his side, said that the idea of construction of the plant in Armenia was conceived four years ago, and USD1 million has already been invested in the construction.
"Our products may be interesting to hotel services not only in Armenia, but also abroad, since it will be cheaper than Turkish or other countries" products," Salkhanyan said.
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