Armenia to set up three FEZs

In the nearest future Armenia will set up three Free Economic Zones (FEZs), the reporters were told by Tigran Davtyan, the Minister of Economy. The adoption of the Law "On Free Economic Zones" contributed to the beginning of the works in this direction.

According to Davtyan, one of these zones will be opened in the territory of the airport "Zvartnots", where agricultural products are to be presented. The second FEZ is scheduled to be opened in the territory of the plant "Mars", which earlier specialized in robot manufacturing. The third zone will be a free economic zone of high technologies, and it is scheduled to be opened in Gyumri, the second largest city of Armenia.

The Minister said that the FEZs will be formed by means of private investors. Establishment of FEZs will be implemented in stages.

Tatul Manaseryan, the Doctor of Economics and the director of the Centre "Alternative", stated that FEZs may become a major stimulus for economic development.

According to Bagrat Asatryan, the ex-Chairman of the Central Bank of Armenia, the Armenia's economy is in such a difficult situation that the whole country should become a FEZ. "We should open the customs borders, because namely in this case the possibilities for the country's development would be realized," said Mr Asatryan.