Armenia will establish a new free economic zone in the city of Hrazdan in Kotayk Province, with ECOS company named as its organizer, according to a decision adopted at today’s Cabinet meeting.

The move confirms Armenia’s policy toward basing its economy on high technological innovations, Minister of Economic Development and Investments Artsvik Minasyan said at the meeting.

He detailed the investment program presented by the company eyes involvement of some 50 operators by 2021 and 200 by 2043 in the zone. ECOS will open 22 new jobs, with some 200 new jobs set to be opened by the operators, the minister added. 

Moreover, according to Minasyan, the company plans to invest up to $4 million in the program, while the operators are expected to make $15 million investment by 2021 and another $30 million in the future.

The minister says that the free economic zone will have two main territories – the production area (4,3 ha) in Hrazdan and its office in Yerevan.

This will be Armenia’s fourth free economic zone, he added.