YEREVAN. – The Ministry of Economy of Armenia and the AJA Free Economic Zone Company on Friday signed an agreement on establishing a free economic zone in capital city Yerevan.

Jewelry, precious stone business, and watch-making will be conducted at the free economic zone. The activity period is for ten years.

In the next two years, close to 120 companies, which will create 1,500 new jobs, are planned to be incorporated in the free economic zone.

The aforesaid company will make $10.72 million in capital investment for the complete renovation of the area, installation of the furnishings, and reconstruction of the buildings.

Economy Minister Vahram Avanesyan noted that the full renovation of the area will be completed in 2015.