Yerevan to host free economic area for jewelers

Armenia’s capital city Yerevan will host a free economic area for jewelers.

The decision was made by the government during the session on Thursday. The new economic area will accommodate companies and private entrepreneurs representing jewelry, diamond cutting and watch industry.

AJA Holding free economic area will be created by Armenian Jewellers Association that has around 5,000 members in Armenia and abroad. Fifteen companies from U.S., Russia, Turkey and Arab states have expressed desire to work with the new economic area.

According to the development program designed by EV Consulting ,the economic zone is planned to attract 150 companies, create 2,000 jobs and ensure annual export of $200-250 million in three years,

Under current law, free economic zone will provide a zero rate for VAT, taxes on income and property, as well as import duties. Free zone should be focused on exports: sales within Armenia will be taxed.

Source: news.am