YEREVAN. – A total of 300 jobs may open in Armenia’s jewelry industry by the end of the year. 

The project director of the country’s Meridian Jewelry Free Economic Zone (FEZ), Nika Manukova, stated the abovementioned at a press conference on Monday.

In her words, the aforesaid FEZ plans to accept at least ten resident jewelry companies, and probably from abroad, by the end of 2015.

Nonetheless, as per Manukova, local companies also can work in this FEZ.  

“But they need to make new investments in new production, [and] find new foreign markets, since the Free Economic Zone exemptions apply solely to the exporters,” she explained. “Subsequently, the plans are submitted for the government consideration.”

In 2011, the National Assembly of Armenia had passed a law on FEZs, and pursuant to which, companies conducting activities within the framework these FEZs are exempt from the value-added tax (VAT), income tax, and property tax. These tax breaks, however, apply to exports only.