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Businessman wants to start bamboo furniture manufacturing in Armenia (video)

Economy
Bambuk1

Economist Vardan Grigoryan is attempting to start his own small side-business for the second time. His first business endeavours were a failure. Grigoryan borrowed money to start soufflé production but he had to repay the debt even before the product would become popular among local buyers. He was soon forced to stop production because of the difficulties he met. This time, he has presented his plans to make bamboo furniture, bamboo home accessories and bamboo souvenirs to the representatives of the State Employment Agency. “I do not expect any profit in the first 1-2 months because I do not think I shall be able to sell any product from the very start,” says the entrepreneur. Grigoryan has been thinking about the new business for two years but he has been able to draft a plan only recently after calculating the costs and benefits involved in the production. The economist says bamboo is innovation in Armenia and has some advantages over wood. He is not afraid of working in the legal field and says he will be taxed at the rate of 3.5 percent of turnover. However, he has his own ideas about the country's tax policy. “I think the government should grant certain privileges to small businesses, especially startups, allowing them not to pay taxes at the initial period,” Grigoryan said. The State Employment Agency has received nine bids under the Small Entrepreneurship Support Program. Anahit Harutyunyan, a leading specialist at the State Employment Agency, says if their specialists find the programs realistic, the beneficiaries will receive financial assistance. The maximum amount of financial support totals AMD 1 million. The beneficiary will have to work on his program for at least two years after signing the contract, otherwise the financing will be stopped and the money will be taken back.