AB Engineering to invest $2.8 million in network equipment production

YEREVAN, October 12. /ARKA/. AB Engineering will invest $2.8 million in the production of network equipment, Armenian Minister of Economic Development and Investment Suren Karayan said at a government meeting on Thursday.

The government passed a decision today granting the company  permission to launch production in the Alliance free economic zone.

"The company plans to establish chip design in Armenia for multifunctional network equipment, software development, as well as assembly of finished products," Karayan said.

According to him, the company plans to create at the initial stage 5 jobs with an average salary of 190 thousand drams, after which to increase the number of employees to 25.

In 2018 the company  expects its exports to amount to $0.8 million, increasing to $3-4 million in 5 years.-0-

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17:29 10/12/2017