On December 28, Armenian Minister of Economy Yerevan chaired the first meeting of the intergovernmental committee on formation of free economic zones.

“Armenia has all necessary legal grounds for establishment of free economic zones,” Tigran Davtyan said, adding that the law has already taken effect.

As the committee chairman noted, a formal application has already been received from Sitronics JSC to permit free economic zone organization in Mars plant in early 2012. “Our experts closely examined the application, which is in full compliance with the law. Based on the discussion outcomes, the application will be submitted to government,” he said.

In this context, Minister Davtyan noted that coming years envisage formation of 2-3 free economic zones in agro and industrial fields at Zvartnots Airport and Mars plant respectively, with negotiations currently in progress with jewelers.

“Free economic zones formation is aimed at attracting foreign investment flows to boost export volume, introduce new technologies through leading international companies,” he stated.

On July 21, Armenian President Serzh Sargsyan signed the “law on free economic zones” aimed at settlement of export problems and creation of favorable conditions for export-oriented enterprises.