Saturday, 1 March 2014
PM Visits Jewelry-Specialized FEZ
Prime Minister Tigran Sargsyan visited the site managed by AJA Holding, where a jewelry and watch making-specialized free economic zone (FEZ) is being established.
Accompanied by Minister of Economy Vahram Avanesyan and company representatives, the Head of Government toured the premises getting familiar with the ongoing activities. During the planned consultative meeting, the Prime Minister was briefed on the FEZ project.
120-150 companies will be involved in the FEZ during the first three years to generate some 2 thousand new jobs and provide annual exports worth about USD200-250mn. The estimated amount of investment necessary for acquiring, upgrading and launching the site by 2015 is USD10.72mn. Scheduled for phased commissioning starting this year, the FEZ will be fully operational by late 2015. The facility will be extended on a total area of 32,400 square meters, of which 12,750 square meters to be used as a production area.
As of 2013, about 10 thousand square meters of space were assigned to more than 15 jewelry companies from Russia, USA, Turkey, Lebanon, UAE and other countries. World Jewelry Confederation President Gaetano Cavalieri has expressed commitment and willingness to assist in attracting new companies.
The purpose of the free economic zone is to stimulate exports, create new jobs and promote sustainable economic development by attracting foreign direct investment and international companies specialized in jewelry and watch making.
To remind, the AJA FEZ Program was approved at the Cabinet meeting of February 28, 2014.
