With the support of Business Armenia, Canada's Atlas Pharmaceuticals will invest $1.2 million to found a factory for the production of food additives in Armenia.
A corresponding Memorandum of Understanding was signed by the President of Atlas Pharmaceuticals Giro Jebenyan and the International Commerce team leader of Business Armenia Narek Aleksanyan.
Under the document, Atlas Pharmaceuticals will establish nutritional supplements production and a clinical research center in Armenia.
The investment program is expected to start in the first half of 2019, with 30 people set to be employed. The company representatives consider several production locations, including in the provinces.
"This investment comes after a Canadian outreach business mission led by Deputy Prime Minister and the Chairman of the Board of Trustees of Business Armenia Tigran Avinyan," Business Armenia CEO Armen Avak Avakian said.
"The products made after the clinical research will be supplied to the local and EAEU markets," said Jebenian.
"Last year Atlas Pharmaceutical purchased the QPharm and expanded the research division. Currently, it produces food supplements, herbal medicines and probiotics that are used to prevent or treat illnesses," said Aleksanyan.