YEREVAN, AUGUST 29, ARMENPRESS. The Government of Armenia has approved the project on creating a logistical and industrial Free Economic Zone (FEZ) in Gyumri, Shirak Province.

This private project aims at servicing the e-trade logistic  warehouses and export-oriented industrial processes. The FEZ seeks to encourage foreign direct investments, elevating the country’s investment appeal, creating jobs and sustainable economic development.

“The Free Economic Zone, which will be located near the Shirak International Airport, will serve as a logistics and processing hybrid free economic zone, the purpose of which will be servicing the electronic trade logistic warehouses and export-oriented industrial processes,” Minister of Economy Tigran Khachatryan said at the Cabinet meeting today.

It is planned that during 10-12 years a 319 ha area FEZ will be built. The FEZ will be completely launched by five stages.

Nearly 13000 people will be employed when the project is completed.

Edited and translated by Stepan Kocharyan