‘MERIDIAN’ JEWELRY FREE ECONOMIC ZONE TO OPEN OCTOBER 25 IN YEREVAN

YEREVAN, October 17. / ARKA /. The grand opening of another free
economic zone in Yerevan is scheduled for October 25. The free
economic zone called ‘Meridian” will host jewelry companies, said
today Meridian’s projects manager Nika Manukova. The decision to
establish this free economic zone was approved by the government in
February 2014.

Speaking at a news conference Nika Manukova said the new free economic
zone is not a business project in its pure form because it aims at
developing the jewelry cluster in Armenia. She said the opening of
the three-day fourth ‘Yerevan Show 2014’ jewelry exhibition is slated
for the same day. She said both events will be attended by president
Serzh Sargsyan.

She said more than 100 well-known jewellery, diamond cutting and
watch manufacturing companies from 27 countries will showcase their
products at Yerevan Show 2014 exhibition.

Manukova said also that seven resident companies are expected to
start operations at the free economic zone this year, which will
create about 100-120 jobs.

“We expect that their number will grow to over 100 and that they
will create thousands of new jobs. We also expect this to increase
the competitiveness of Armenian jewelry industry as a whole,”
said Manukova.

The Meridian free economic zone offers its resident companies
the following benefits: free repatriation of capital, profits and
dividends, no currency restrictions, state support for the jewelry
sector, the rich tradition of Armenian jewelry and the availability
of skilled workforce.

Residents will be exempted from all taxes, except income tax. -0

From: Emil Lazarian | Ararat NewsPress