"Ai Beng Engineering" LLC intends to invest $ 2.8 million in "Alliance" free economic zone in Armenia

ArmInfo. "AB Engineering" LLC intends to invest $ 2.8 million in the free economic zone of "Alliance" in Armenia. At the meeting on October 12, the Armenian government satisfied the company's application for the deployment of its activity in the FEZ "Alliance".

According to the Minister of Economic Development and Investments of the Republic of Armenia Suren Karayan, the company plans to establish a chip design for multifunctional network equipment (IoT), development of appropriate software (software development), and assembly of finished products from individual components. The program provides for the creation in the first year of activity of 5 new jobs and their subsequent increase to 25. It is planned that the volume of exports in 2018 will average $ 0.8 million, increasing after 5 years to $ 3-4 million.

The first FEZ "Alliance" in Armenia is effective from August 1, 2013 on the territory of CJSC "RAO Mars" and CJSC "Yerevan Scientific Research Institute of Mathematical Machines (YerNIIMM)". The FEZ, managed by the company Sitronics, is located on the territory of a total area of more than 100 thousand square meters, including the Mars plant with an area of 77 thousand square meters and the Institute of Mathematical Machines with an area of 27 thousand square meters .m. FEZ specializes in two areas - high technologies and production of new technologies. One of the mandatory conditions for the formation of FEZ is the production of products aimed at export.

The Government of Armenia in February 2014 approved the decision on the organization of the Free Economic Zone and the recognition of CJSC "Meridian" as the organizer of the FEZ. The volume of investments for the creation of the Meridian FEZ amounted to about $ 10 million. Meridian is a unique platform with a cluster infrastructure for the production of jewelry, watches and diamond processing. The area for production and offices exceeds 25 thousand square meters.