On May 27, the Armenian government approved a program on Gyumri industrial park activity in 2010.

Armenian Deputy Minister of Economy Ara Petrosyan said that that program includes three basic components: introduction of innovations and modern technologies, the industrial park’s management by the economic development fund of Gyumri, as well as establishment of educational, scientific and research laboratory in mechanics and electronics jointly with local and international companies.

Besides, the program foresees development of a business model for creation of a free trade zone at the industrial park’s territory.

According to preliminary calculations, investments at the amount of AMD 200mln will be required for the program implementation. Meanwhile, the program will be financed through both budgetary and other funds permitted by the RA legislation.