On 19 April, the Ministry of Economic Development and Investments of the Republic of Armenia and Syunik Free Economic Zone Ltd. concluded an agreement on setting up a free economic zone in the Syunik Province of the Republic of Armenia. The agreement was signed by Minister Suren Karayan and Director of Syunik Free Economic Zone Ltd. Eduard Ghukasyan, reported the press service of the RA Ministry of Economic Development and Investments to Hayern Aysor.

The subject matter of the agreement are the legal relations associated with the organizing of the Foreign Economic Activity for manufacturing, industry and logistics; the creation and enhancement of FEA infrastructures; the provision by the organizer of services; the setting of tariffs for those services; investments; the engagement of exploiters in FEA and other legal relations associated with FEA in the territory enclosed within Agarak city and Kartchevan village of Syunik Province of the Republic of Armenia and Araks River.

Creation of the free economic zone will start in mid-October 2017. In the first stage, the organizer will make a nearly $10,000,000 investment, and during activities in the free economic zone, it is expected to engage nearly 120 operating companies that will make $350-40 million-dollar investments and create over 2,50 new jobs, and the average annual export will be nearly $80-100 million dollars.