Armenia to invest $37M to built dry port

PanARMENIAN.Net - The Investment Committee of Armenia has approved the establishment of a dry port in Shirak Province, with the government set to invest $37 million in the project.

According to the press service of Prime Minister Nikol Pashinyan, the project will contribute to speeding up the movement of cargo, increasing the quality and volume of cargo transportation. As a result, a multi-model dry port will be created through industrial parks that are a free economic zone, Armenia will become a transit transport and export-focused manufacturing hub.

Minister of Economy Vahan Kerobyan, detailing, noted that as a result of the implementation of the project, thousands of jobs will be created in Gyumri, as well as a transport hub, which will be connected by air, land and railway to the nearby ports and major transport routes. According to Vahan Kerobyan, the project will have a great economic impact not only on Shirak Province, but also on the whole of Armenia. The Minister of Economy also added that the project is integrated into the "Crossroads of Peace" project and is the northwestern node of the "Crossroads of Peace", which, if implemented, will ensure Armenia's connection with other countries in the region.

According to Kerobyan, the Government has its share of the investment, which amounts to 37 million USD, but also large foreign investors will be involved, who should be the operators of the dry port and whose investment volumes will be significantly larger. "Also, we should attract industrial companies that will create their capacities in the industrial park. The implementation of the project is planned during 5-7 years", added the Minister of Economy.

As a result of the discussion, a decision was made to give preliminary approval to the project. The Prime Minister instructed the Ministry of Economy to create a "road map" for the implementation of the project to clarify what needs to be done further.