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Armenia plans to open a free economic zone (FEZ) on the border with Iran, in Syunik region. The project costs $15 million, Sargis Aghabekyan, Head of the Investment Committee at the Chamber of Commerce and Industry of Armenia, Head of the Council for Syunik FEZ, told reporters on 3 June.
He said the government has lately approved the project. In conformity with the business plan, FEZ will be of industrial nature, with an energy component. The implementation of the project will take three years since the moment of the Government approval. Funds will be invested in creation of the necessary infrastructures.
"I am sure, real investments will exceed $15 million," Aghabekyan said.
He said that FEZ will be created to boost cooperation with the neighbor-countries, particularly, with Iran. This area can be used also for cooperation with the Eurasian Economic Union, Aghabekyan said. SEZ Syunik Company founded by the Chamber of Commerce and Industry (CCI) of Armenia will operate the project. The project was introduced at today's business meeting with representatives of the CCI Abu-Dhabi. It is noteworthy that there are two free economic zones in Armenia.