Cistran Finance Exploring the Spirit of Capitalism's New Frontier

Saturday, August 19, 2017

Armenian PM tours Meridian free economic zone to observe business activities

Armenian Prime Minister Hovik Abrahamyan recently visited the Meridian free economic zone to witness jewelry, diamond-processing and watch-making business organization activities.

A decision was passed on Feb. 27 recognizing the Armenian Jewelers Association (AJA) as the manager of free economic zone CJSC that began operating on the site of an estate complex at Kashegortsneri-70 in the capital of Yerevan.

Abrahamyan toured the estate site, inspecting activities and receiving briefings on projected actions. During the tour, AJA President Gagik Gevorgyan said the AJA will spend approximately $14 million in capital investment to refurbish and upgrade manufacturing facilities, set up infrastructure and purchase needed equipment, and improve and landscape the surrounding area.

An estimated 1,200 new jobs will be generated from foreign company involvement in the zone, with instruments of intent signed with eight entities from Russia, the U.S., Algeria and Jordan, with the output to be exported to the U.S., Russia, the UAE, israel, India, Italy, Thailand, Hong Kong, Austria and Belgium, among others.

Additional talks are ongoing with 12 other foreign companies.