During a March 23 consultation, RA Prime Minister Karen Karapetyan considered issues on setting up a Free Economic Zone (FEZ) in Armenia’s Syunik Province.

RA Minister of Economic Development and Investments Suren Karayan informed that a company will be established to set up an FEZ in Syunik Province following discussions with the Chamber of Commerce and Industry of the Republic of Armenia and the Syunik Free Economic Zone LLC.

Karen Karapetyan was provided with details about the actions aimed at creating an FEZ, the formula for public-private partnership (PPP), the first stage of setting up the FEZ and the risks management for project implementation. The participants of the consultation stated that $2.5-3 million would be invested for implementation of actions in the first stage and that the time limit for construction would be set upon a relevant decision of the Government of the Republic of Armenia.

The Prime Minister assigned to accelerate the process and submit the draft of the decision on creating an FEZ in Syunik Province during the next government session. Karen Karapetyan stated that the government would approve the application for the creation of an FEZ and confirm the organizer with a relevant decision and that the FEZ would start operating in the Syunik Province in autumn of this year.