By a government decision a free economic zone will start operating on the premises of RAO Mars and the Research Institute of Mathematical Machines (Mergelyan Institute) in Yerevan beginning on August 1. The Sitronics Closed Joint-Stock Company has been recognized as the organizer of this free economic zone.
During its meeting on Thursday the government of Armenia conditioned the establishment of free economic zones by the need to attract direct foreign investment, with a view to later achieving export growth, creating new jobs and stimulating sustainable economic development through the introduction of advanced technologies as a result of the establishment of these zones.
One of the conditions for the formation of a free economic zone is that its production be export-oriented.
Permission for activities in the free economic zone has been issued for a 10-year period. The free economic zone will be organized in a territory of more than 100,000 square meters, including 77,000 square meters of space at the Mars factory and 27,000 square meters at the Mergelyan Institute.
The zone will work in two directions - high-tech and new-tech production. Economy Minister Vahram Avanesyan says that preliminary agreements on cooperation have been reached with several foreign IT companies (from the United States, Iran, India and the UK).