YEREVAN. – The Armenian lawmakers discussed a draft bill targeted at creating favorable conditions and functioning of the free economic zones on the territory of Armenia.  

The draft bill which suggests making amendments to the law on free economic areas was initiated by Minister of Economic Development Artsvik Minasyan.

Under the initiative of the Armenian government Hrazdan will become the fourth free economic zone  . The organizer of the free economic area is ECOS company which will be responsible for the development of the technological cluster.

The main task of the economic zone is to create infrastructure for the development of projects based on blockchain, Artificial Intelligence and Machine Learning.

The economic zone will include educational and communication projects, research labs, e-platforms to attract investments into startups as well as a mining data center. The residents of the free economic zone will get a zero VAT and will be exempt from income tax during 25 years.

ECOS plans to attract $100 million investments during the first stage.