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ARMENIA AND SITRONIX SIGN AGREEMENT ON ESTABLISHMENT OF FREE ECONOMIC ZONE
/ARKA/
APRIL 27, 2012
YEREVAN
Armenia's economy minister Tigran Davtian and Sitronix Armenia CEO,
Armen Khachatryan, have signed today an agreement on establishment
of a free economic zone (SEZ), which will take effect in six months.
After the 13 session of the Russian-Armenian intergovernmental
commission on economic cooperation held in July 2011 in Russian
Rostov-on-Don, Russian transport minister Igor Levitin told journalists
that the free economic zone in Armenia would make the operation of
enterprises, which were handed to Russia by Armenian government,
including Mars plant, more effective.
On February 2 the Armenian government approved 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.
Both were handed to Russia to clear Armenia's $100 million debt . It
also approved an application from Sitronix company to manage the free
economic zones.
Earlier economy minister Tigran Dvatian said it will take Sitronix
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.
Sitronix intends to establish free economic zones on approximately 100
thousand square meters of space and will 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 Sitronix 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. Sitronix is listed on the London Stock
Exchange since February 2007, and its shares are also traded on RTS.
/ARKA/
APRIL 27, 2012
YEREVAN
Armenia's economy minister Tigran Davtian and Sitronix Armenia CEO,
Armen Khachatryan, have signed today an agreement on establishment
of a free economic zone (SEZ), which will take effect in six months.
After the 13 session of the Russian-Armenian intergovernmental
commission on economic cooperation held in July 2011 in Russian
Rostov-on-Don, Russian transport minister Igor Levitin told journalists
that the free economic zone in Armenia would make the operation of
enterprises, which were handed to Russia by Armenian government,
including Mars plant, more effective.
On February 2 the Armenian government approved 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.
Both were handed to Russia to clear Armenia's $100 million debt . It
also approved an application from Sitronix company to manage the free
economic zones.
Earlier economy minister Tigran Dvatian said it will take Sitronix
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.
Sitronix intends to establish free economic zones on approximately 100
thousand square meters of space and will 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 Sitronix 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. Sitronix is listed on the London Stock
Exchange since February 2007, and its shares are also traded on RTS.