The government of Armenia has reached a decision—at Thursday’s Cabinet session—to create a free economic zone (FEZ) in Hrazdan town.

Artsvik Minasyan, the Minister of Economic Development and Investments, presented this matter at the Cabinet session.

He noted that, as per the respective plan, about 200 operators shall be engaged at this FEZ, by 2043, and added that this will be the fourth FEZ in Armenia.

In Minasyan’s words, this plan aims to ensure direct foreign investment, increase the investment appeal of, create export-oriented high-tech and IT products, create new jobs, and promote sustainable economic development in Armenia.

This FEZ will operate for 25 years.