Some $20 million needed to make AJA free economic zone operate at full capacity

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28.04.2014, 15:50

Artak Udumyan, the CEO of AJA second free economic zone in Yerevan that has signed today a cooperation agreement with seven jewelry companies, told a news conference that some $20 million investment is needed to make the zone operate at full capacity.

Some $20 million needed to make AJA free economic zone operate at full capacity

YEREVAN, April 28. / ARKA /. Artak Udumyan, the CEO of AJA second free economic zone in Yerevan that has signed today a cooperation agreement with seven jewelry companies, told a news conference that some $20 million investment is needed to make the zone operate at full capacity.

He said the free economic zone has a total of 25 thousand square meters of space. The companies that will operate there will export their products to Russia, the U.S., India, Israel, UAE, Hong Kong, Thailand, Pakistan and other countries, he added.

The decision to create the second free economic zone in Armenia was approved by the government in February, 2014. The free economic zone is expected to house 150 foreign companies in 2015.

Its creation was initiated the Union of Armenian Jewelers. It will sign a 10 year agreement with the government of Armenia that can be prolonged for another 20 years. -0-

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