Request for free economic zone formation at Mars factory to be submitted in 2012

PanARMENIAN.Net - In early 2012, the Economy Ministry will submit a request for organization of a free economic zone at Mars factory to the government of Armenia.

As the first deputy minister of economy Karine Minasyan told a PanARMENIAN.Net reporter, “though legislation regulating the operation of free economic zones is lenient enough, the ministry has to study every request in minute detail to ensure its compliance with government-posed demands.”

“Mars factory aims to allocate 5-year investment of USD 10 mln to the project. However, for another year after the launch of activities, the ministry will be monitoring the factory’s operations to see to formation of relevant infrastructures,” the official noted.

In this context, Ms. Minasyan stressed the importance of creation of competitive conditions for all entrepreneurs planning to set up their businesses in free economic zone.