Category Archives: Business News

Tatra truck production to launch in Armenia

Tatra Truck

A Tatra truck production factory will be built in Armenia’s Kotayk province, according to a memorandum signed between Tatra Trucks and Zenon LLC, a top official from Gazprom Armenia said.

Andranik Harutyunyan said the deal is the result of an agreement reached between prime minister Karen Karapetyan and Russia-based Armenian business people.

2000 new jobs will be created by the end of the project.

PAN’s sources separately confirmed the news.

Tatra is a Czech manufacturer producing vehicles. Owned by the Tatra Truck company, it is the second oldest company in the world producing cars with an unbroken history, after Peugeot.

Smart and Armenian: Armenia’s first smartphone goes on sale

Armphone Armenian smartphones

The first smartphone made in Armenia, called the ArmPhone, went on sale this week. Various Armphone models were unveiled during a kick-off celebration on Monday held as part of a marketing campaign called “It’s Time for Armenian [products].”

Week of Economic Opportunities Exhibition in Yerevan

Week of Economic Opportunities Exhibition in Yerevan

To support the economic integration of Syrian refugees in Armenia, GIZ EISRA organises the  business forum “Week of Economic Opportunities (WEO)” on 19-22 May 2016 at Yerevan Expo to promote entrepreneurship, job orientation, networking and capacity building for Syrian Armenians.

PicsArt receives USD 20 million funding

PicsArt receives USD 20 million funding

According to Techcrunch, PicsArt will allocate the received sum to grow the startup’s user base in China and Japan.


Although PicsArt doesn’t reveal how many users it has in Asia, the company’s general manager Wilson Kriegel says that it has seen “huge organic community and usage growth”, with China and Japan its top markets there.

Armenia To Scrap 20% Car Tax After Eurasian Union Warning


iting trade rules set by the Eurasian Economic Union (EEU), the Armenian government moved on Thursday to abolish a 20 percent tax levied from cars imported from Russia and other EEU member states.

The decision came two weeks after a senior official from the Russian-led bloc’s executive body, the Eurasian Economic Commission, publicly said that Armenia should have abolished value-added tax (VAT) for such cars when it formally joined the EEU in January 2015. Subsequent reports in the Armenian press said that Yerevan is reluctant to scrap the tax because that would lose it millions of dollars in annual state revenue.