Logistic and industrial free economic zone to be created in Armenia’s Shirak region

Logistic and industrial free economic zone will be created in Armenia’s Shirak region with the decision of the Armenian government made at the cabinet sitting today.

The private initiative on creating free economic zone in Gyumri is aimed at serving the online trade logistic stores and the production processes for export.

The goal of the initiative is to promote foreign investments, raise the country’s investment attraction, create new jobs and reach stable economic development.

Armenia’s economy minister Tigran Khachatryan stated that the creation of the free economic zone is aimed at attracting foreign investments.

“The free trade zone will become an important hub for logistic services, will contribute to the economic development of Armenia’s Shirak region,” he stressed.

In the sidelines of the initiative it is expected to build economic zone with 319 hectares of territory during 10-12 years. The works will be conducted in 5 stages. The minister said after the full operation 13,000 people will have jobs.