Thursday, March 1 2018 16:39
Naira Badalian

The creation of "Engineering City" in Yerevan will cost $ 21.2 million

The creation of "Engineering City" in Yerevan will cost $ 21.2  million

ArmInfo. The Armenian government at  the meeting on March 1 approved the concept of creating an  "Engineering City" and a schedule of activities stemming from the  document.

Minister of Economic Development and Investments Suren Karayan stated  that the goal of the program is to turn Armenia into a country that  exports engineering and high-tech products and services to the global  market, as well as to the regional hub of innovative solutions.

To create the "Engineering City" selected area of 3 hectares on the  street. Bagrewand. The program is planned to be implemented on the  basis of public-private partnership. The planned investment volume  will be $ 21.2 million, of which $ 10.5 million will be co-financed  by the state under the World Bank's credit program "Trade and Quality  Infrastructure Promotion." The rest is invested by National  Instruments AM and a consortium comprising 14 joint-stock companies  The program is expected to become self-sufficient for the fourth year  of its operations.

Within the framework of the project it is planned to train and  retrain 1500 specialists in the field of engineering and high  technologies. 2000 new workers will be created and 20 new enterprises  in the field are founded. It is also expected to increase the  efficiency of companies by 40%, export volumes have increased by 30%.

As noted in the draft decision, the implementation of this IT project  will contribute to the further development of technology and high  technologies in Armenia, which in turn will increase the  competitiveness and productivity of the Armenian economy.

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