A memorandum was signed between the Ministry of Economic Development and Investments of RA and EKRA, EKRA CAUCASUS LTD. According to the Memorandum relay protection equipment production will be established in Armenia.

Director of EKRA CAUCASUS Arman Yesayan mentioned that the company will create more than 70 workplaces till the end of this year by making investment of nearly one million dollars. The company plans to produce 250

shields annually which will be used in the sphere of electric energy. According to Arman Yesayan the investors plan to enlarge the production in Armenia which will create more workplaces. The production will be exported to Russia and later to Iran.

Minister Suren Karayan greeted the initiative of investors and added, “We are glad to note that by implementation of agreements reached by this memorandum and as the result of production establishment the import of the electric energy system will be replaced by this local production.” The Minister expressed hope that cooperation will be carried out with the company to promote scientific and technological potential development and energy system reliability,

With this Memorandum the sides will cooperate in the field of energy system modernization.