ADB explores special economic zone in Gyumri
YEREVAN, November 15. /ARKA/. A delegation from the Asian Development Bank (ADB) visited Armenia from October 28 to November 1 to assess the potential for establishing a special economic zone in Gyumri.
According to a post on the ADB Armenia office's Facebook page, the team examined the legal and regulatory framework, identified gaps in the current conceptual plan, and assessed investment opportunities and infrastructure requirements.
The mission involved cooperation with the Ministry of Economy, the Gyumri City Hall, as well as representatives from existing free economic zones and the private sector. The main focus of the discussions was Gyumri's potential as a special economic zone, including tax incentives, infrastructure development requirements, and enhancing the role of logistics services in regional trade development.
Since the start of its cooperation with Armenia in 2005, ADB has invested $1.9 billion in the country's economy, making it one of the largest multilateral development partners of the Republic. These investments include projects in transport, energy, water supply, and urban infrastructure. In the private sector, ADB supports utilities, infrastructure, financial institutions, and agribusiness.
As Don Lambert, Director of the Asian Development Bank's Permanent Mission to Armenia, previously stated in an exclusive interview with ‘’ARKA’’ news agency, discussions are underway to help Gyumri benefit as much as possible from the potential opening of borders.
"We are exploring ways to support the construction of a ‘’Free Trade Zone’’ and the implementation of the ‘’Dry Port’’ concept. This is crucial because Gyumri has significant geographical advantages – the city can connect Armenia with both Turkey and Georgia and is located in an area some have referred to as the 'Middle Corridor,'" Lambert said.
According to him, the ‘’Dry Port’’, ‘’Free Trade Zone’’, and airport together could increase the attractiveness of Armenia and, particularly, Gyumri as a transit hub and enhance prospects for economic growth. -0-
