Tuesday, August 23 2016 11:57
Naira Badalian

Free economic zone (FEZ) to open on Armenian-Iranian border

Free economic zone (FEZ) to open on Armenian-Iranian border

ArmInfo. At the recent meeting of the Eurasian Economic Union (EAEU) Heads of Government in Sochi, the prime ministers agreed to establish a free economic zone (FEZ) in Armenia's Meghri on the border with Iran. Prime Minister of Armenia Hovik Abrahamyan has made such statement at the Baze-2016 Pan- Armenian Youth Camp.

The prime minister believes that it is an important project that creates a new opportunity to boost the national economy.  At the same time, he said, the project will help developing the region, Meghri community, particularly. "New jobs will be created along with new opportunities," he said. "The project will help Iran open joint ventures with EAEU countries in Meghri's FEZ and export products to the EAEU countries duty-free."

By official data, the foreign trade turnover of the EAEU for the first half of 2016 totaled 228.6bln USD (export - 140.5bln USD and import - 88.1bln USD). Foreign trade turnover fell 23% comparing to the same period of 2015, as export fell 29.3% and import - 10.3%.  Domestic trade turnover in the EAEU fell 17% y-o-y to 19bln USD.

According to the National Statistical Service of Armenia, trade turnover between Armenia and Iran fell 16.4% to 113.5mln USD for the first half of 2016, as import fell 19.2% to 75.7mln USD and export - 10.3% to 37.8mln USD.

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 February 27, 2014, the Armenian government approved the decision to create Meridian free economic zone.  Investments in Meridian FEZ amounted to about 10million USD.  Preliminary exports agreements have been signed by eight companies from Russia, USA, Algeria, Jordan. Products from these companies will be exported to USA, Russia, UAE, Israel, India, Czech Republic, Thailand, Hong Kong, Austria, Belgium and other countries.  The total investments of the companies will make up 57.6mln USD and 240 new jobs will be created.


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