Free economic zones to promote stable economic development in Armenia.

The creation of free economic zone in Armenia will contribute to the engagement of direct foreign investments, Minister of Economy Tigran Davtyan told at the first sitting of the inter-ministerial commission coordinating the activity of free economic zones.

“As a result of creation of zones with the investment of progressive technology we will also promote the increase of export volumes, new jobs will be created, promoting stable economic development,” the minister said.

In the coming years it is expected to have few free economic zones in the territory near “Zvartnots” airport, “Mars” company and in the territory of Yerevan mathematics machines scientific-research institute.

In May the National Assembly adopted the law “About Free Economic Zones” and on October 13 a number of regulatory legal acts which give an opportunity to start the process of creation of free economic zones in Armenia. Besides, for the coordination of works in the free economic zones, with the decision of the Armenian Prime Minister a permanently functioning inter-ministerial commission was created on December 23, the main function of which is to organize the process of provision of permissions of exploiters in the free economic zone.

And in a briefing with news reporters, Sitronix Armenia Company’s General Director Armen Khachatryan said they intend to establish and manage a close to 100-thousand-m2 free economic zone, and invest around US$ 10 million. According to Khachatryan, Armenia’s free economic zone differs from that of Georgia in the sense that Armenia’s zone supplies the companies with developed infrastructures.