YEREVAN, June 3. / ARKA /. A company founded by the Commerce and Industry Chamber of Armenia to promote the development of the southern province of Syunik bordering with Iran is ready to invest $15 million in the planned free economic zone to be set up there, said Sargis Aghabekyan, president of Syunik free economic zone council.
He said the money will be used to build the area’s infrastructure.
He said the program for the establishment of free economic zone in Synik was submitted to the government’s consideration. He said the program was assessed positively by the ministry of economy. It is designed to create an industrial infrastructure with Iran, as well as organize large-scale bilateral trade.
Aghabekyan said negotiations are underway with private investors, but the final decision will be taken after the formation of the free economic zone.
According to him, the creation of provisional infrastructure will take no more than three years. That will be followed by a long process of making full use of the industrial capacity.
"Once the government approves the draft program we will get down to specific activities. The zone will be located on the border with Iran, on the territory near the town of Agarak," said Aghabekyan.
He noted that the free economic zone will focus on industry, creation of new jobs and tourism industry. -0-