International companies to invest in Armenia’s free economic zones formation

PanARMENIAN.Net - Leading international companies from the U.S., India, Iran and England intend to invest in free economic zones (FEZ) formation operations in Armenia’s Mars plant, Sitronics Armenia CEO said.

“Though preliminary agreement has been reached with 7- 8 foreign companies, final response will be provided after getting FEZ control status,” Armen Khachatryan said.

According to Mr. Khachatryan, the company submitted an application to Ministry of Economy to be granted FEZ control status in Mars plant.

As the director noted, the company plan before 2020 envisages establishment of FEZ covering 100,000 square meters with about $10 mln. to be allocated for high tech and production of new technologies.

“1500 and 5000 job opportunities will be provided in coming 2 years and prior to completion of the project respectively,” he said.

Armen Khachatryan further noted that the company has already taken steps to found relevant infrastructure on the sight, including electricity supply and Internet access.

According to Sitronics CEO, international companies may benefit from the legislation regulating FEZ operation in Armenia.