YEREVAN (Arka)—The free economic zone projected to be created on the Armenia-Iran border will aim to cater to joint enterprises, Armenian Economy Minister Karen Chshmaritian said on Wednesday.
“This is still just a project, but I think it is quite promising, since Iran is and has been our friendly neighbor and development of any economic cooperation with Iran is very beneficial for Armenia, especially if it be a free economic zone,” he said.
Chshmarityan said entrepreneurs from Armenia and Armenian communities overseas as well as foreign partners have expressed interest in this idea.
The minister said that in accordance with preliminary arrangements, the operator of the zone will be the Armenian Chamber of Commerce and Industry.
Sarkis Aghabekian, head of the chamber’s investment commission and president of Syunik council of the free economic zone, said earlier that creation of the free economic zone in Syunik province is estimated to cost $15 million.
According to projections, creation of preliminary infrastructure will last no longer than three years, and after that a longer process will be launched for creating more powerful industrial facilities.
Armenia already has two free economic zones – the first, an IT free economic zone, was launched in August of 2013 at the vicinity of the Yerevan Mathematical Machines Research Institute; and the other, for jewelry, diamond-cutting and watch-making industries, is located on land owned by AJA Holdings.