Tweet
ARMENIA TO SET UP JEWELRY FEZ BY 2015
Interfax, Russia
Feb 27 2014
YEREVAN. Feb 27
The government of Armenia on Thursday approved a decision to organize
a second free economic zone (FEZ), for jewelers and watch makers.
Economy Minister Vagram Avanesyan said the FEZ would be located in
Yerevan on the territory of CJSC AJA Holding, which is organizing
the free economic zone.
"Total investment will be around $10 million. The FEZ will start to
operate before 2015," the minister said.
FEZ residents will comprise of companies that make jewelry, watches
and cut diamonds. There will be around 150 foreign companies and
around 2,000 new jobs.
Annual exports of $200 million to $250 million are forecast.
Prime Minister Tigran Sarkisyan said the initiative for the FEZ came
from the private sector. The idea was first discussed in Yerevan at
a jewelers forum. "We have prepared for this for a long time and we
have serious potential. The program allows Armenians jewelers from
around the world to open their own company in Armenia," he said.
The free economic zone will have tax preferences so residents will
not be subject to VAT, profit tax or property tax.
The first FEZ in Armenia opened on August 1 2013 at CJSC RAO Mars
and CJSC Yerevan R&D Institute for Mathematical Machines. It is a
hi-tech zone managed by Sitronics.
AJA Holding was established in November 2013 by Garik Gevorkyan,
the chairman of the Armenian Jewellers Association (AJA).
Interfax, Russia
Feb 27 2014
YEREVAN. Feb 27
The government of Armenia on Thursday approved a decision to organize
a second free economic zone (FEZ), for jewelers and watch makers.
Economy Minister Vagram Avanesyan said the FEZ would be located in
Yerevan on the territory of CJSC AJA Holding, which is organizing
the free economic zone.
"Total investment will be around $10 million. The FEZ will start to
operate before 2015," the minister said.
FEZ residents will comprise of companies that make jewelry, watches
and cut diamonds. There will be around 150 foreign companies and
around 2,000 new jobs.
Annual exports of $200 million to $250 million are forecast.
Prime Minister Tigran Sarkisyan said the initiative for the FEZ came
from the private sector. The idea was first discussed in Yerevan at
a jewelers forum. "We have prepared for this for a long time and we
have serious potential. The program allows Armenians jewelers from
around the world to open their own company in Armenia," he said.
The free economic zone will have tax preferences so residents will
not be subject to VAT, profit tax or property tax.
The first FEZ in Armenia opened on August 1 2013 at CJSC RAO Mars
and CJSC Yerevan R&D Institute for Mathematical Machines. It is a
hi-tech zone managed by Sitronics.
AJA Holding was established in November 2013 by Garik Gevorkyan,
the chairman of the Armenian Jewellers Association (AJA).