Potential investors are ready to start the work in free economic zones of Armenia – minister

ARKA, 13.10.2011

Potential investors are ready to start the work in free economic zones of Armenia, said Armenian Economy Minister Tigran Davtyan in the government meeting.

Government of Armenia on Thursday approved three regulations at once which regulate the activity in the free trade zones. In particular, regulations on the selection and definition of criteria of the organizer of free trade zone, their introduction and termination of operational permissions, as well as technical requirements in the free economic zone.

“These regulations will create a legal field for their application, launch and efficient work of free economic zones. After their being effective, the Ministry will start to negotiate with the interested parties on the start of the works”, said Davtyan.

Potential investors
are now conducting preparation works and after agreeing all legal issues they will start to work.

All the regulations developed together with the Government of Armenia have been discussed with the potential investors and companies which expressed an interest for working in free economic zone, including the companies “Syntronix”, concessionaire of the airport “Zvartnots” and other entrepreneurs.

President of Armenia on June 21 signed the law “On free economic zones” and accompanying laws adopted by the Armenian Parliament on May 25 in the final reading. The law defines a new legal regime for the implementation of economic activity and is targeted at the establishment of favorable economic atmosphere, solution of export problem and establishment of favorable conditions for export-oriented companies.

The law envisages establishment of new favorable legal regulation – free economic zones which will be formed on the basis of the government decision, where the goals will be set and the zones described. If the zone will not actively work during a year, the decision of the government will be considered invalid.

Special customs and tax regulations, as well as privileges for taxes will be defined.

Currently several options of the establishment of free economic zones are discussed, first of which will appear in the territory of the plant “Mars” and near Yerevan airport “Zvartnots”.

In November 2008 the Government of Armenia approved the concept of establishment of free economic zone near Yerevan airport “Zvartnots. Free trade zone is a type of special economic zone – a customs territory which unilaterally or in accordance with international agreements eliminate customs tariffs and other measures of trade restriction.  --0--