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The purpose of the draft is to create favourable conditions to promote deepening of foreign trade, recycling longer production chains, ferrous and non-ferrous metals for the goods of strategic importance. The Deputy Minister of Economy Narek Teryan said at November 29 sitting of the Standing Committee on Economic Affairs, presenting for debate the draft law on Making Addenda and Amendment to the RA Law on State Duty.

According to the rapporteur, by a number of decisions of the RA Government the export of ferrous and non-ferrous metal was banned, which was an impetus for recycling the ferrous and non-ferrous metal scrap.

The Deputy Minister considered important the fact that, as a result of the measures taken by the Government, in 2022-2023 investments were made in metallurgical industry. According to the forecasts of the Government, the general investments will be up to 100 million USD, as a result of which, 550-750 jobs will be created, and the annual number of the metal scrap consumption will be 250.000 tones.

The Deputy Chair of the Standing Committee on Economic Affairs Babken Tunyan reaffirmed that the main aim of the draft is to supply raw material to the local companies of the Republic of Armenia for extending the production period. The Deputy Chair of the Committee reminded the attendees that the draft was also debated with the entities.

“After debating we came to a conclusion that the companies which have investment programmes and want to produce ready goods a mechanism of cashback will be applied for them,” Babken Tunyan said and informed that before the second reading of the draft we should understand how the state duty should be calculated.

The Committee endorsed the draft in the first reading.