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YEREVAN. – The free economic zone should not turn into a “personnel synthesis” for Armenia’s jewelers, chairman Emil Grigoryan of the Jewelers’ Association of Armenia told Armenian News-NEWS.am.  

Grigoryan commented on the Armenian government’s February 27 decision on creating a free economic zone for jewelry in Armenia.

“Our concern is connected with the relocation of the workforce and the financial flows to the free economic zone, and this means qualified jewelers could leave; these matters require a systemic approach and an imminent solution,” Emil Grigoryan explained.           

As reported earlier, about 120 to 150 companies are expected to be incorporated into the free economic zone during the first three years; these companies should create around 2,000 new jobs and annually export products totaling about $200-250 million. 

The free economic zone is expected to start phased activities this year and be fully launched by the end of next year. 

The renovated space of the free economic zone will total 32,400 square meters, whose 12,750 square meters will be a production area. As of 2013, more than fifteen jewelry companies—from Russia, the USA, Turkey, Lebanon, and the United Arab Emirates—already have initially requested close to 10,000 square meters of space at the future free economic zone in Armenia.

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