During the last meeting with the journalists, Minister of Economy of the Republic of Armenia spoke about the free economic zone which is going to open in November. The project of the free economic zone was accepted a few years ago, when there wasn’t even a law concerning these sort of activities.Now it’s almost ready and waits for the exploitation.
A few days ago the Minister made a visit to the territories of “RAO Mars” and “Yerevan Research Institute of Mathematical Machines” where the first economic zone is to be set. It will have 83 thousand square meters of territory, 27 thousand square meters of which in YRIMM and 56 thousand square meters in “RAO Mars”.
The free economic zone is being organized by the Russian “Sitronics” organization, which has a branch in Armenia. Sitronics Armenia has already invested about 3 million dollars for organizing this project. As the head of Sitronics Armenia Armen Khachatryan says several countries have already expressed interest in this project. These countries include China, USA and others.
The free economic zone will be productive, because the government provides some privileges by discarding taxes on income. It’s not possible to transfer an existing business to this area, this is aimed to involve new businesses and more new companies to boost the export growth by introducing modern technologies.