Chinese business intends to invest $ 100 million in the creation of  an industrial zone in Armenia

ArmInfo. The Chinese company "Guoming", which unites manufacturers of aluminum products from China, intends to invest about $ 100 million in the creation of an  industrial zone in Armenia. The Minister of Economic Development and  Investments of Armenia Tigran Khachatryan said this on February 28  after the sitting of the Cabinet of Ministers.According to him,  aluminum products, in particular, furniture will be produced on the  territory of an industrial zone of 40 hectares. 

Products will mainly be exported to EU countries. In general, the  volume of investment programs reaches $ 100 million, it is planned to  create 300-400 jobs.The project will form a logistics hub in  Vanadzor, given its proximity to the railway. This, as it is  expected, will allow to organize the export of products from the RA  more qualitatively. Chinese entrepreneurs also intend to build  logistics warehouses in Armenia, which will serve trade flows in the  EAEU, the EU and other countries.The multi-profile Dalian Guoming  Group has been operating on the market since 2007 and is included in  the <One belt - one way> mega-program. It is engaged in the design,  production, installation of mechanical and electrical equipment,  utility construction, decoration, and intellectual design. The  company is also busy processing the steel base, its enterprises  occupy an area of 195 thousand square meters, the design production  capacity is 85,000 tons.  Representatives of the company were already  in Armenia in October last year and met with Tigran Khachatryan. 

The day before they met with Deputy Prime Minister Tigran Avinyan.It  should be noted that according to the National Statistics Committee,  the foreign trade turnover of Armenia and China in January-December  2018 with an annual growth of 29.3% reached $ 771.1 million. At the  same time, the negative balance of trade with China increased, which  reached $ 556.6 million