YEREVAN, August 30. /ARKA/. The government of Armenia has approved today an application of Ecos company for creation of a free economic zone in the town of Hrazdan, the administrative capital of central province of Kotayk.
Economic Development and Investments Minister Artsvik Minasyan said the government expects that the decision would stimulate foreign direct investment, increase the country's investment attractiveness, create export-oriented IT products, new jobs and promote sustainable economic development of the country.
Ecos wants to attract as many as 200 companies to produce goods and services in the free economic zone by 2043. The first 50 companies are supposed to come before 2021. Ecos itself is to create 22 new jobs at the initial stage and another 300 are to be created by the companies.
Minasyan said Ecos plans to invest $4 million in the creation of the free economic zone. Another $15 million are to come form the companies until 2021. Another $30 million are to come later.
Minasyan said also that the free economic zone will host IT companies, some of which will be engaged in mining of crypto currency, introduction of block technologies, processing of large databases and use of cloud technologies.
Ecos will be provided with two premises – 4.3 hectares in Hrazdan near the local Thermal Power Plant and an administrative office on 2 thousand square meters in Yerevan.
Armenia has now the Alliance free economic zone with 13 companies, Meridian with 6 companies and another one in the town of Meghri, near the border with Iran. ($ 1 – 482.76 drams). -0-