Some $11 million to be invested in creation of second free economic zone in Armenia

Some $11 million to be invested in creation of second free economic zone in Armenia

YEREVAN, April 4. / ARKA /. Armenian economy minister Vahram Avanesyan and CEO of AJA free economic zone in Yerevan Artak Udumyan have signed today an agreement on the establishment of the second free economic zone that will house jewelry, watch-making  and precious stones processing companies.

Under the agreement, the company pledges to invest $10.72 million in the major reconstruction of the building, owned previously by Aviakompleks plant, acquisition of property and creation of the necessary infrastructure.

The total area of the new free economic zone is  32,400 square meters, of which 12,750 square meters will be allocated for industrial purposes.

For his part Udumyan said the main objective is to create a powerful jewelry and watchmaking center in the country.

"The most important thing is that we see the willingness of the authorities to help, and we are confident that all the difficulties will be overcome,“ he said.

The first free economic zone in Armenia hosting high-tech companies came online last August 1 on the territories of Mars plant (77,000 square meters) and the Yerevan Research Institute of Mathematical Machines (27,000 square meters).

The free economic zone is run by Sitronix, 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. Sitronix is listed on the London Stock Exchange and its shares are also traded on RTS. -0- 

15:15 04.04.2014

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