Thursday, September 26 2019 12:53
Naira Badalian

The Elay Solar Company invests $ 2.6 million in the production of  photovoltaic panels in the territory of RAO MARS CJSC in the Alliance  Free Economic Zone

The Elay Solar Company invests $ 2.6 million in the production of  photovoltaic panels in the territory of RAO MARS CJSC in the Alliance  Free Economic Zone

ArmInfo. ELAY Solar LLC is investing $ 2.6 million in the production of photovoltaic panels in the territory of RAO MARS CJSC in the Alliance Free Economic Zone. An  application from the company for an explant for a period of 4 years  was approved at a government meeting on September 26.

According to the Minister of Economy of Armenia Tigran Khachatryan,  the company has been operating since 2013 in the state of California,  USA. At present, ELAY Solar annually produces products worth $ 137  thousand, in the near future it is planned to increase volumes to $  12 million:? products will be exported to the United States, the  rest? in the Russian Federation, RA and Georgia.

As part of the investment program, 15 new jobs will be created with  an average monthly salary of 300 thousand drams.

Recall that the first Alliance Free Economic Zone (FEZ) in Armenia  has been operating since August 1, 2013 in the territory of RAO Mars  CJSC and Yerevan Scientific-Research Institute of Mathematical  Machines CJSC (YERNIIMM). The Free Economic Zone, managed by  Sitronics, is located on a total area of over 100 thousand square  meters, including the Mars factory with an area of 77 thousand square  meters and the Institute of Mathematical Machines with an area of 27  thousand sq.m.

Free economic zones operate in two directions - high technology and  the production of new technologies.  One of the prerequisites for the  formation of FEZ is the production of products aimed at export. At  present, 4 free economic zones have been created in Armenia -  "Alliance", "Meridian", "Meghri", and "Ecos". 

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