Like all other governments, Armenian authorities aim to establish free economic zones in the country to boost economic growth through increased export, creation of new jobs and promotion of investments.
Hovhannes Avetisyan, head of the investment policy department of Armenia's Economy Ministry took part in the discussion on “Prospects of creation free economic zones (FEZ) in Armenia and their potential impact on IT industry”on March 21 in Yerevan.
He said the government has set a tough tender for FEZ organization. With regard to this, Avetisyan reminded that the Armenian government approved on February 2, 2012 the project on FEZ creation on the territory of Mars plant and Yerevan scientific and research institute of mathematical machines, as well as the bid by Sitronics JSC for FEZ organization.
“The government will not permit tax evader companies' entry to FEZ; only companies able to ensure growth and development will be allowed in,” Avetisyan emphasized.
The ministerial official also added that a document will be signed with Sitronics company within a month, according to which the company commits to undertake FEZ organization during six months, following which its official launch will be announced.
“All procedures are being accomplished in line with the timescale, and there are no concerns over possible cancellation of the law on FEZ due to a failure to launch within one year after it became effective,” he said.
The initial stage of the project envisages investments worth USD 10 million; also, new jobs will be created.
On December 28, 2011 Armenian Minister of Economy Yerevan chaired the first meeting of the intergovernmental committee on formation of free economic zones.
On June 21, 2011 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.
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 jewellers.
