On December 15, “Meghri” Free Economic Zone (FEZ) officially launched its activity in the presence of the Prime Minister of the Republic of Armenia Karen Karapetyan.

A number of documents have been signed during the official opening ceremony. Particularly, an agreement has been signed between the Ministry of Economic Development and Investments of the Republic of Armenia and “Meghri” Free Economic Zone CJSC for the organization of the FEZ. The document has been signed by the Minister Suren Karayan and Director of “Meghri” FEZ CJSC Ashot Zarbabyan.

According to the Minister of Economic Development and Investments of RA Suren Karayan, the opening of the free economic zone in Meghri is a significant event as it will contribute to the balanced development of our country, the global competitiveness of the national economy, the release of competitive products, attraction of foreign investments, increase of investment attractiveness of the country, creation of export-oriented products, increase of export volumes, as well as more effective use of Armenia's foreign economic policy achievements in favor of sustainable economic development of the country.

“Establishment of a free economic zone in Meghri is also important because it is being opened next to the border with Iran, which will give an additional impulse to the activation of trade and economic relations between the two countries, involving companies with Iranian capital, strengthening existing close cooperation. Unlike current two free economic zones, this free economic zone will have a large sectoral scope including agriculture, processing industry, trade, transportation, tourism and other spheres,” said Suren Karayan.

“Meghri” the free economic zone was created on the initiative of the Government of Armenia. “Meghri” Free Economic Zone CJSC created by the state has been recognized as the organizer of the economic zone.

For the best use of the Free Economic Zone opportunities, multisectoral access has been permitted, including agriculture, processing industry, trade, transportation and storage, tourism and other areas.

As a result of the free economic zone activity, 50-70 operating companies are expected to be involved in the coming years, which will invest about 100-130 million USD, create about 1,500 new workplaces and export goods and services of about 250 million USD amount.

Taking into consideration the geographical location, trade and logistics capabilities, as well as Armenia's multi-vector trade regimes, the free economic zone on the border with Iran will become a bridge between Iran, the EAEU and the EU. Besides, “Meghri” FEZ will contribute not only to solving social and economic problems of Syunik Region, but also to Armenia's foreign capital inflow, strengthening of economic ties with Iran, the more effective use of relations and potential with EAEU and EU.