Government allows Russian company ERA PP to establish production of lighting equipment at Armenia’s free economic zone

YEREVAN, October 2. / ARKA /. The Armenian government has allowed today a Russian company "ERA PP" to establish production of lighting equipment at Armenia’s free economic zone for a term of five years. 

Economy minister Karen Chshmarityan said the company is supposed to produce and export about 0.3 million USD worth products. This figure is to grow to 3 million USD by late 2015. He said the bulk of the output will be exported to the Russian Federation. The draft government decision does not specify when the company will start production.

The minister said the Russian company has pledged to create a total of 50 jobs by late 2015 and invest about 1 million USD. 

The first free economic zone in Armenia is located on the territories of Mars plant (77,000 square meters) and the Yerevan Research Institute of Mathematical Machines (27,000 square meters). It is managed by JSC Sitronix, one of the largest high-tech companies in Russia, CIS and Europe, specializing in telecommunications, information technology and microelectronics. 

Sitronix is an affiliate of JSFC Sistema — the largest diversified public financial corporation in Russia and CIS, serving more than 100 mln consumers. Sitronix is listed at the London Stock Exchange and its shares are also traded at RTS. -0-