Economy Ministry: It is planned to launch work on establishment of FEZ in Meghri till April

ArmInfo. Events aimed at  stimulating export, attracting investments, improvement of business  environment and further development of tourism were implemented  during 2016, Minister of Economic Development and Investments of  Armenia Suren Karayan stated at the Armenian government during the  regular meeting on the results of the government's work in 2016.  Particularly, according to Karayan activities have been conducted  aimed at ensuring due level of Armenian products representation in  the catalogues of supranational corporations ensuring the most  favorable conditions for entering EEU markets and other regional  markets and growth of export. 

Work has been done aimed at establishing free economic zone on the  border with Iran, it is planned to launch activities of FEZ  establishment till April, the Minister said. Big guarantee payments  set for entrance of cars to Iran have been replaced with insurance,  the price was reduced 3-fold. Steps have been made aimed at  stimulating business ties and increasing awareness of Armenian  products abroad, 21 business and investment forums have been  organized, 80 agreements have been signed with foreign business  partners.  Visit of Russian METRO AG company delegation was organized  to Armenia. Negotiations have been held on export of Armenian  products. Particularly, Armenian companies have reached agreements  with Russian "Lenta" and "x5" retail networks on export of cheese.  

To note, the cost of the program of establishing FEZ between Armenia  and Iran is estimated at $28 mln, considering the operating expenses  the total amount will make $32 mln. It is expected that in 10 years  the income of the organizer company will total $52 mln, while the  number of the employees of the organizer company of the free economic  zone will total 60-70 people. According to forecasts 120 companies  will be attracted in 10 years, which will export products amounting  to $80-$100 mln annually.  Recently representative of Iranian "Iran  Khodro" car producing company in Armenia, Director of "Rena" LLC Reza  Nafezi stated on the sidelines of Armenian-Iranian business meeting  that the company is ready to invest nearly $1 mln in construction of  free economic zone in Meghri on the border with Iran. Chairman of the  Board of Directors of Iranian FEZ "Aras" on the border with Armenia  Mohsen Hadem Arab Bahi told journalists that on the current stage  negotiations are being held with the Armenian side to create FEZ.