Armenian economy ministry and Sitronics to sign agreement on free economic zones

YEREVAN, February 6. /ARKA/.  Armenian economy minister Tigran Davtyan said last Saturday that the ministry and THE Russian company Sitronics will sign soon an agreement for creation of free economic zones in Armenia.

The Armenian government approved last Thursday a project designed to create free economic zones in the territory of Mars plant in Yerevan and at Yerevan Scientific Research Institute of Mathematical Machines. It also approved an application from Sitronics company to manage the free economic zones.

Davtyan said it will take Sitronics six months to prepare the project for commissioning. He said first stage investments are expected to be about $10 million, adding also that six foreign companies expressed interest in free economic zones. 

Sitronics intends to establish free economic zones on approximately 100 thousand square meters of space and will have house companies specializing in high technology and design of new technology.

According to economy ministry’s calculations, some 1,500 jobs are expected to be created during the first two years. Their number will rise to 5000 by 2020. Tentative agreements on cooperation were reached with several international IT companies from the U.S., Iran, India and England. 

JSC Sitronics is one of the largest high-tech companies in Russia, CIS and Europe, specializing in telecommunications, information technology and microelectronics. It is an affiliate of JSFC Sistema — the largest diversified public financial corporation in Russia and CIS, serving more than 100 mln consumers. Sitronics is listed on the London Stock Exchange since February 2007, and its shares are also traded on RTS.-0-