Economics

PM introduced to Meridian Free Economic Zone startup process

Prime Minister Hovik Abrahamyan visited Meridian free economic zone to get a first-hand view of jewelry, diamond-processing and watch-making business organization activities. On February 27, 2014, the Government passed a decision to recognize the Armenian Jewelers Association (AJA) as the manager the AJA free economic zone CJSC, which has already started operating on the site of an estate complex located at 70, Kashegortsneri Street in Yerevan, government’s press service reports.

The head of government toured the site, inspecting the ongoing activities and getting briefed on the projected actions. AJA President Gagik Gevorgyan told the Premier that his company is going to spend around USD 14 million in capital investment to refurbish and upgrade the manufacturing facilities, set up the necessary infrastructure and purchase the needed equipment, as well as to improve and landscape the surrounding area.

Reputable foreign companies are expected to get involved in the zone generating some 1000-1200 new jobs. Instruments of intent have already been signed with 8 entities from Russia, USA, Algeria, Jordan, with the output to be exported toward the U.S.A., Russia, UAE, Israel, India, Italy, Thailand, Hong Kong, Austria, Belgium, etc. Talks are underway with 12 other foreign companies.

The zone will feature a 10,000 square meter-wide expo center to host international exhibitions, conferences and other events. The center is due to host the Yerevan Show – 2014 international jewelry exhibition and the annual congress of the Armenian Jewelers Association (AJA) this October.

The jewelry, diamond-processing and watch-making industry development strategies have been developed in the framework of the government’s industrial policy strategy, which is aimed at boosting the exports through better management of export potential.

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