YEREVAN, MARCH 30, ARMENPRESS. Armenia’s Government approved establishing free economic zone in Syunik province, recognizing “Syunik Free Economic Zone” LLC FEZ organizer, as well as the report forms presented by the organizer over the FEZ activity, reports Armenpress.

Minister of Economic Development and Investments Suren Karayan said the total area of free economic zone will comprise about 32 hectares. “At the initial stage “Syunik Free Economic Zone” LLC will make over 3 million USD investment and will create new jobs. Already in autumn it will be possible to launch the operation of the FEZ during which it is expected to attract up to 120 foreign operators whose investments will comprise over 350-400 million USD, they will export an average of 100 million USD product annually  and will create more than 2500 jobs during the years of activity”, Karayan said.

The Minister said such initiative can be a boosting factor in terms of Armenia’s territorial development, development of economic ties with Iran, effective utilization of Iranian potential, mainly using the opportunities of freely entering markets of Russia, Kazakhstan, Belarus and Kyrgyzstan.

He said they expect to attract the economic entities of third countries who will find it appropriate to work with the Iranian market and the Customs union.

Prime Minister Karen Karapetyan tasked the Minister to present all information on the Syunik FEZ to partners of Russia, Kazakhstan, Belarus and Georgia.

“I have talked to our partners, we will send the information by clearly stating when the platform will be ready. We are ready to provide conditions to the capitals of those countries in the FEZ that are interested in negotiating with the Iranian side and deploying in Iran”, the PM said.