Free economic zone to be created to involve foreign investments - Tigran Davtyan.

Free economic zone will be created in the territory of "RAO Mars" and Yerevan Institute of Mathematics with the decision of the cabinet for involvement of direct foreign investments. Minister of Economy Tigran Davtyan said as a result, increase of the volume of export will be registered through the investment of progressive technology. He said new jobs will be created contributing to the economic development.

According to him, the management of the free economic zone will be carried out by "Sitronics Armenia" company. "Within the framework of this program, in six months "Sitronics" company will end its work necessary for the operation of the zone," the minister said. According to Davtyan, within the framework of the program initially 10 million USD investments will me made. After the first phase other investors will appear. The minister said negotiations are underway. Five-six international companies display interest in working in this zone. The works on creation of free economic zone are the result of long lasting negotiations.

In his turn, Tigran Sargsyan said for the first time in the history of the newly-independent Armenia the state is implementing branch industrial policy with the state sector and the establishment of the free economic zone is the first step in that direction.