By Emil Danielyan
Franck Muller, the founder and owner of the eponymous Swiss company producing luxury watches, said on Friday he is expanding business operations in Armenia as he opened its first exclusive shop in Yerevan.
Franck Muller, which has established itself as a leading Swiss watch brand over the past decade, opened a factory in the Armenian capital last year to assemble its highly expensive production and re-export it abroad. Armenian officials said earlier that its investments might total $10 million in the coming years.
Meeting with President Robert Kocharian, Muller said the company is making more capital investments in its Armenian division to gradually increase its output.
“Our desire is to turn Armenia into a leading manufacturer of watches and we intend to entice and bring to Armenia famous Swiss watch companies,” the presidential press office quoted him as telling Kocharian. Muller said he was primarily attracted by the country’s skilled and inexpensive labor.
Kocharian, for his part noted that, the watch industry is not affected by high transportation costs and is therefore considered one of the promising sectors of the Armenian industry. He pledged his personal support for Franck Muller’s activities in Armenia.
Muller received a similar promise at a separate meeting with Prime Minister Andranik Markarian.