Armenian Minister of Economy Tigran Davtyan visited Tosp Armenian knitting factory on June 20 and familiarized himself with its production capacities and prospects.

“Currently, the factory employs 135 people, however there is a potential of raising this figure to 220, which depends on further market developments,” Director General of Tosp ojsc Suren Bekirski told journalists.

“Although the crisis had strong influence on production, the next year we’ll manage to revive the pre-crisis production rate, that is, AMD400 million,” he said.

In 2010, AMD156 million worth production was output at the factory, which provided 7% growth. As of June 1, 2011, Tosp ojsc manufactured production at the amount of AMD133,1 million, whereas export totaled AMD33,5 million.

Regarding export volume increase, the Director General said that currently they are negotiating supply issues with Russia.

In turn, the Economy Minister said that minor investments to the light industry would boost jobs opportunities and help attraction of foreign investments thanks to favorable trade regimes with CoE, U.S. and CIS countries.