Minister of Economic Development and Investments Suren Karayan visited “Oval Plastic” company in Yerevan. The company is engaged in production of disposable plastic terms and other products as PE bags, plastic bottles, crates, cans, jars, reusable containers intended for microwave ovens also etc.

By the state assistance the company acquired new equipment and working capital that expanded tis activity, increased the export volumes and directions.

Founder of “Oval Plastic” LLC Varujan Khalatyan presented the Minister the production chain, the technical equipment.

Ending the tour Minister Karayan discussed the Oval Plastic’s future plans with the company representatives. “The company’s activity is especially important in the context of replacement of imports by local production”, Minister Karayan said, stating that hard-working businessmen can confidently rely on the state assistance.

Varujan Khalatyan said, that in 2017 the major target is going to be the increase of export volumes. The company plans to record 50% growth compared to previous year. “We believe that the Minister’s today’s visit will have a positive impact. We have programs on expanding the export and the product types which are connected with the financing. In this sense we again expect the state support”, he said, adding that they have launched their activity in dairy packaging, but today they have over 500 product types.

SME Investments UCO CJSC Executive Director Artur Badalyan stated: “We are cooperating with this company since 2015, and it recorded serious achievements. From the very start the company had nearly 1.5 billion AMD annual turnover, over 100 workers, but today its annual turnover is almost doubled, and it has more than 300 jobs. We have provided the company over 340 million AMD loan at two stages, by subsidizing also the 3%. We plan to continue the cooperation in future as well. The company’s activity is strategic for our economy since it replaces the products imported from Turkey”.