The region’s largest chocolate factory being built in Armenia
Construction of the largest chocolate factory in the region is currently underway in Armenia. It is expected to be fully operational within the next three years. The new production complex will manufacture a wide variety of chocolates and confectionery for both local and foreign markets.
The project is being implemented by Vellar Group. So far, approximately 120 million euros have been invested in the project. An additional 25 million euros is planned to be invested in the near future. The factory covers an area of about 25 hectares and is primarily equipped with machinery of German and Danish manufacture.
Upon becoming fully operational, chocolate production volumes could reach up to 200 tons per day, with the number of jobs reaching around 2,000. The factory plans to produce chocolate and caramel candies, protein and fruit bars, chocolate-covered cookies and waffles, as well as chocolate-covered Armenian dried fruits.
It is noted that the company has benefited from several state support programs, including customs duty exemptions and investment promotion mechanisms for infrastructure. Vellar Group is one of the companies of the Swedish-origin GNG international business group.
It should be noted that Gevorg Nalbandyan is the 100% owner of Vellar Group. He also owns Fly Armenia Airways, which was renamed Hayways in 2021. Gevorg Nalbandyan’s name is associated with various business sectors, including the food industry (canned goods, wines, tobacco), furniture production, trade, the financial and credit sector, and now, aviation.