‘Meridian’ jewelry free economic zone to open October 25 in Yerevan

YEREVAN, October 17. / ARKA /. The grand opening of another free economic zone in Yerevan is scheduled for October 25. The free economic zone called ‘Meridian" will host jewelry companies, said today Meridian’s projects manager Nika Manukova. The decision to establish this  free economic zone was approved by the government in February 2014. 

Speaking at a news conference Nika Manukova said the new free economic zone is not a business project in its pure form because it aims at developing the jewelry cluster in Armenia. She said the opening of the three-day fourth ‘Yerevan Show 2014’ jewelry exhibition is slated for the same day. She said both events will be attended by president Serzh Sargsyan.

She said more than 100 well-known jewellery, diamond cutting and watch manufacturing companies from 27 countries will showcase their products at Yerevan Show 2014 exhibition. 

Manukova said also that seven resident companies are expected to start operations at the free economic zone this year, which will create about 100-120 jobs. 

"We expect that their number will grow to over 100 and that they will create thousands of new jobs. We also expect this to increase the competitiveness of Armenian jewelry industry as a whole,” said Manukova. 

The Meridian free economic zone offers its resident companies the following benefits: free repatriation of capital, profits and dividends, no currency restrictions, state support for the jewelry sector, the rich tradition of Armenian jewelry and the availability of skilled workforce. 

Residents will be exempted from all taxes, except income tax. -0