Syrian-Armenian businessman’s $50,000 investment program in Ashtarak approved


Syrian-Armenian businessman Garo Garabedian’s investment program is one of the investment programs approved in Armenia’s Aragatsotn Province. The young businessman is planning on setting up a factory to produce items through the refinement and processing of metal in the city of Ashtarak, and preparations are underway.

In an interview with, Garo Garabedian stated that he settled in Ashtarak and decided to start his business in the city after moving from Syria.

Let us remind that eleven investment programs have been approved and will be carried out in six Armenian provinces, including Lori, Tavush, Gegharkunik, Shirak, Ararat and Aragatsotn. “We will make metal beds for hospitals, metal furniture, metal check-up equipment, metal tables for dentist’s offices and other similar metallic items. We think there is a demand. We have already ordered the packages and necessary equipment. They have already been shipped,” he said.

Garo Garabedian stated that the factory would be based in Ashtarak. “We preferred Ashtarak since it is a small city. We are newcomers, and we will start from there,” he said.

The businessman will make a $50,000 investment, part of which will be provided through loans granted by the Armenian government at low interest rates.

“We received everything we needed from the government and the Prime Minister without any hassles. We didn’t face any problems,” he said, adding that he had expected to receive loans at low interest rates. “We asked the government to mediate and grant us a loan at low interest rates. We are already working. The program has been approved, and the amount will be transferred within ten or fifteen days,” he said.

Garo Garabedian stated that he already had orders. “We have already contacted hospitals. We would like to sell our products in Russia, Asia and other parts of the world. Of course, we will also try to sell our products in Karabakh,” he said.