YEREVAN, MARCH 30, ARMENPRESS. During the Government’s March 30 session, the decision on establishing free economic zone in Syunik province, in the Iranian border, was discussed and approved, press service of the Ministry of Economic Development and Investments told Armenpress.

The launch of free economic zone in Syunik will contribute to creation of effective transportation-logistics and industrial hub, the social-economic development of the province, will boost export capital inflow to Armenia, will strengthen economic ties with Iran, as well as more effective utilization of Armenia’s economic potential.

The FEZ total area will be nearly 32 hectares. The program implementation is based on phases principle. In the first year it is expected to make over 3 million USD investment by the organizer as a result of which the minimum necessary infrastructures will be established and it will be possible to operate the FEZ already in autumn, 2017.

The FEZ in Syunik province is established with public-private sector cooperation formula. The state participation in the program implementation will be an additional signal for companies interested in carrying out activity in the FEZ.

During the operation of the free economic zone, it is expected to attract up to 120 operators, mainly foreign ones, whose investments will comprise over 350-400 million USD and who will export over 100 million USD average annual product and will create more than 2500 new jobs during the years of activity. The target directions for this purpose are the EAEU states, Iran, Middle East and EU countries.