Armenia’s free economic zone to start operating from November

YEREVAN, September 4, /ARKA/. The free economic zones in the territory of Mars plant in Yerevan and at Yerevan Scientific Research Institute of Mathematical Machines will start operating from November, chief executive officer of Sitronics Armenia company, Armen Khachatrian, said today. The project to create free economic zones was approved by the government on February 2.

Canadian R&D Arts was the first foreign company planning to open its office at Yerevan Research Institute of Mathematical Machines. The main activity of this company is development of software for mobile platforms. The company is based in Vancouver. Mr. Khachatrian said they were considering now several applications of American and Chinese companies.

He said about $10 million have been already invested in the free economic zones as economy minister Tigran Davtian was touring around the Expo Center created at the Scientific Research Institute of Mathematical Machines. The total area of the Expo Center is over 5 thousand square meters meters. It is actually the biggest showroom in Armenia. According to the minister, the center will increase Armenia’s competition in the IT field.

Arsen Taroyan, chief manager of the Scientific Research Institute of Mathematical Machines, said the reconstruction of the premises took exactly two years and about $2 million investment.

The free economic zones on approximately 100 thousand square meters of space will house companies specializing in high technology and design of new technology.  According to Armenian economy ministry’s calculations, some 1,500 jobs are expected to be created during the first two years. Their number will rise to 5000 by 2020. Tentative agreements on cooperation were reached with several international IT companies from the U.S., Iran, India and England. 

JSC Sitronics is one of the largest high-tech companies in Russia, CIS and Europe, specializing in telecommunications, information technology and microelectronics. It is an affiliate of JSFC Sistema — the largest diversified public financial corporation in Russia and CIS, serving more than 100 mln consumers. Sitronics is listed on the London Stock Exchange since February 2007, and its shares are also traded on RTS. -0-