Thursday, January 10 2019 14:03

ArmInfo. Construction in Armenia of the Engineering City will be completed in late 2020 - early 2021. On January 10, Acting Minister of Transport,  Communications and Information Technologies of the Republic of  Armenia Hakob Arshakyan stated this at a government meeting.

According to him, in order to build the Engineering City, the Yerevan  Mayor's Office handed over to the Republic of Armenia 3 hectares of  land on Bagrevand Street, the cadastral value of which is 135 million  720 thousand drams. The gift of the metropolitan municipality, the  decision of which was approved today at a government meeting, will be  transferred to the balance of the Ministry of Transport,  Communications and Information Technology. As Hakob Arshakyan  continued, the project, worth $ 21.2 million, is being implemented on  the basis of a public-private partnership with the assistance of the  World Bank. There are also companies that are united in a consortium  interested in the implementation of this program.

Earlier ArmInfo reported, 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.  Bagrevand. 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%.