Armenian government okays construction of free economic zone in Meghri
The Armenian government at a meeting on Thursday decided to start construction of a free economic zone in the southern Armenian province of Syunik on the border with Iran.
Economic development and investments minister Suren Karayan said the construction on the total area of 32 hectares will be implemented in stages. According to him, $3 million will be invested in the first stage of creation of infrastructures (without the purchase of land) to build minimum conditions for the launch of the free economic zone approximately in October 2017.
In his words, about 120 foreign companies will be hosted by the free economic zone, which are expected to invest a total of $350-400 million. This in turn will allow exporting $100 million worth products annually.
The establishment of the free economic zone in the southern Armenian Meghri, near the border with Iran is estimated to cost $32 million, of which $28 million are capital expenditure. The free economic zone is said to create 2,500 new jobs and increase Armenian exports by 30%.
According to the government, the main purpose of the free economic zone is to help boost trade and economic relations with Iran and other countries of the region, help the development of the southern Armenian province of Syunik, as well as position Armenia as a link between Iran and members of the Eurasian Economic Union (EEU) and Georgia. -0-