YEREVAN, October 28. / ARKA /. A free trade area (FTA) for the production of jewelry may start operating in Armenia in 2014 spring , Artak Udumyan, vice -president of the World Association of Armenian Jewelers (AJA), told ARKA last Friday.
He said the FTA will be established in the territory of a former company called Aviakompleks in Yerevan. He said the Association was preparing an application to the government to allow the establishment of the FTA.
“I think that after the completion of construction, we will create a solid base for the development of the jewelry business in Armenia ", he said.
"We started the restoration work a few days ago and expect the FTA to come online in 2014 spring," he said.
He said also the AJA plans to integrate over 100 jewelry companies nd create more than 1,200 new jobs . "We are creating a new legal infrastructure to attract jewelry companies. We expect it to give a serious boost to this industry," he said.
Udumyan explained that for the full operation of the FTA an investment of $15 million is needed, but he declined to specify where the money would come from.
The World Armenian Jewelers Association (AJA) was established in 1997. It is one of the first Armenian international trade associations. Its goal is to bring together Armenian jewelers to boost the country's jewelry industry. The Association has regional representatives on the west and east coasts of the United States, Europe, the Middle East and Armenia. -0-