YEREVAN. – The process of establishing free economic zones is getting underway in Armenia, Economy Minister Tigran Davtyan stated Wednesday, in his opening remarks at the inaugural session of the interdepartmental committee that will coordinate the activities of the free economic zones. 

As per Davtyan, the purpose of free economic zones is not to transfer businesses from other domains to a “privileged field.” “[Instead] They will primarily include foreign investment and have an export direction,” he said. 

And in a briefing with news reporters, Sitronix Armenia Company’s General Director Armen Khachatryan said they intend to establish and manage a close to 100-thousand-m2 free economic zone, and invest around US$ 10 million. According to Khachatryan, Armenia’s free economic zone differs from that of Georgia in the sense that Armenia’s zone supplies the companies with developed infrastructures.