Thursday, May 12 2016 17:01

$2.5 mln to be invested in hi-tech sector in Alliance free economic zone

ArmInfo. On May 12, the Armenian

Government took a decision to give a permit to "SGS" LLC for

activities in the Alliance free economic zone based on RAO Mars CJSC

and managed by Sytronics Armenia.

Deputy Economy Minister of Armenia Sergey Avetisyan said that the

company gets an operator's right to conduct its activities in

electronics and precision engineering. This will make it possible to

attract significant funds to the sector and give a fresh impetus to

export development in high technologies, as well as to contribute to

popularization of the Armenian brand in the given sector. The deputy

minister said that under the investment program the company is going

to launch production of electronic facilities and data transmission

systems, as well as design and production of equipment and facilities

for cable and wireless communications systems. Exports will total 30

mln AMD. The goods will mostly be exported to the EEU member states

(70%) and to the Middle East. Investment will amount to about 2.5 mln

USD. 30 new jobs will be created with an average monthly salary to be

420 USD.

According to the information posted on the Armenian The free economic

zone "Alliance" based on "RAO Mars" CJSC and "The Yerevan Computer

R&D Institute" CJSC was established and given the right to operate by

the decree N785-A of the Government of the Republic of Armenia of

July 18, 2013. "SYTRONICS ARMENIA" CJSC is recognized as the

operator of the zone. "Alliance" free economic zone is oriented to

the production and exports of high and innovative technologies in the

field of electronics, precision engineering, pharmaceutics and

biotechnologies, information technologies, alternative energy,

industrial design and telecommunications (elaboration and production

of technological equipment, systems and materials for

data/information transfer) as well as in the fields producing goods

not produced in Armenia. On August 14, 2013, the Ministry of Economy

of Armenia, on behalf of the Government of Armenia, signed a contract

with "SYTRONICS ARMENIA" CJSC on operation of the free economic zone

established at "RAO MARS" CJSC and "The Yerevan Computer R&D

Institute" CJSC. The contract regulates the legal activities

associated with the organization of the free economic zone,

establishment and development of infrastructure on the territory of

FEZ, provision of services by the organizer (operator), establishment

of tariffs for those services, provision of investments, attraction

of FEZ operators (residents), as well as other legal activities

resulting from the implementation of supervision by the authorized

body and related to the activities of FEZ, in accordance with the

legislation of the Republic of Armenia.