The investor suggests to launch the first FEZ in Armenia in the beginning of 2012

“Sitronics” company submitted an official application on organizing a free economic zone (FEZ) in the territory of “Mars” plant in Armenia in the beginning of 2012, Minister of Economy Tigran Davtyan reported. According to him, the application will be considered by a an interdepartmental committee for forming the FEZ and then passed over to the Government.

“All the legal grounds for implementation of the process of forming the FEZ have been created in Armenia”, Davtyan said while opening the session of the committee for forming free economic zones.

The total area of the industrial site of the new FEZ may make over 100 thousand square meters. According to the investment program, the total investment sum will make about 10 million dollars, part of the investments has been already implemented, the “First Informational” channel reports.

According to Head of “Sitronics” company Armen Khachatryan, the activities of the FEZ will go in two directions: design of hi-tech and their practical use in the production process.

After a detailed consideration of the investment program the Government may take a decision of forming the FEZ already in a month. It is expected that already during the first two years 1,5 thousand new jobs will be created within the framework of the new FEZ and by 2020 this figure will be increased up to 5 thousand, “ARKA” reports.

There is a preliminary agreement of cooperation with 7 or 8 countries, such as Iran, the USA, India etc. The production of FEZ must mandatory be exported for there is no free economic zone without this concept.