Economy minister Vahram Avanesyan and CEO of Armenian Jewelers Association free economic zone in Yerevan Artak Udumyan signed an agreement on the establishment of the second free economic zone to house jewelry, watch-making and precious stones processing companies, ARKA reported.
Under the agreement, the company pledges to invest $10.72 million in the major reconstruction of the building, owned previously by Aviakompleks plant, acquisition of property and creation of the necessary infrastructure.
The total area of the new free economic zone is 32,400 square meters, of which 12,750 square meters will be allocated for industrial purposes.
According to Udumyan, the main objective of the deal is to create a powerful jewelry and watchmaking center in the country. He further hailed the authorities willingness to assist in the undertaking, expressing optimism about the future of the enterprise.
The first free economic zone in Armenia hosting high-tech companies was launched in August 1, 2013 on the territory of Mars plant (77,000 square meters) and the Yerevan Research Institute of Mathematical Machines (27,000 square meters).
The free economic zone is run by Sitronix, one of the largest high-tech companies in Russia, CIS and Europe, specializing in telecommunications, information technology and microelectronics. It is an affiliate of JSFC Sistema — the largest diversified public financial corporation in Russia and CIS. Sitronix is listed on the London Stock Exchange and its shares are also traded on RTS