YEREVAN, July 17. / ARKA /. The Armenian government has allowed today Pharmatec company to establish production of medicines at a free economic zone in the territory of Mars plant in Yerevan. The permission is valid for three years
Economy minister Karen Chshmarityan said Pharmatec was founded in 1998 by a sole shareholder – a British company called EuroCambridge
He said Pharmatec is engaged in manufacturing of drugs, intravenous solutions and pharmaceutical supplies, the bulk of which are exported to other countries.
He said also the company plans to double the number of employees as well as to invest $11.2 million, of which $4.5 million will be spent on the purchase of new equipment to expand production.
Armenia’s first-ever tax-free business zone created for high hi-tech manufacturing companies is located in the premises of Mars electronics plant and a research institute in Yerevan.
It is run by Russian company Sitronix. -0-