The Government of the Republic of Armenia

Prime Minister Tigran Sargsyan and RF Minister of Transport Maxim Sokolov attended today the official opening of Armenia’s first free economic zone (FEZ).

Congratulating those involved in the FEZ project, the Premier thanked them all for about five-year long joint efforts and wished the pilot project successful pace. The RF Minister of Transport, too, extended a vote of thanks to all the contributors and the Prime Minister in person for support and cooperation.

After cutting the symbolic ribbon, accompanied by Maxim Sokolov, Tigran Sargsyan toured the site getting familiar with the infrastructures and services available in the FEZ.

The Free Economic Zone has the goal of attracting foreign direct investment promotion, boost exports, create new jobs and provide for sustainable economic development.

A government decree dated July 18, 2013 named Sitronics Armenia CJSC as the Free Economic Zone operator. Situated on the territory of RAO Mars and YCRDI closed-joint-stock companies, the FEZ has 55799 square meter-wide industrial and 37908 square meter-wide office premises. RAO Mars CJSC hosts the high-tech-intensive industrial zone, while YCRDI CJSC stands for a hub of technical and applied sciences strong with innovations, research and experimental work, development of information technologies and other strategic activities.

The FEZ is a venue for precision engineering, pharmaceutical, information technologies, alternative energy, industrial design, communication, technological equipment, system and material design and production activities. One-stop-shop services are offered to all zone-residents who can enjoy tax benefits, including a VAT holiday, exemption of import and export duties, profit tax, property tax etc.

Would-be residents will benefit from the following incentives: no foreign exchange restrictions, free transfer of capital, profits and dividends. All this will help reduce the cost-price and increase the competitiveness of manufactured goods.