The Armenian government as respresented by the Ministry of Economy and AJA  CJSC concluded a contract on setting up a free  economic zone in the company’s territory.

Armenian Minister of Economy Vahram Avanesyan said after signing the agreement that it’s the second free economic zone in Armenia’s territory in the fields of jewelry, diamond-cutting and clock manufacturing industries, Mediamax reports.

« We expect establishment and operation of the free economic zone will result in considerable changes in the field », said the Minister noting that jewelry is currently one of the major branches of Armenia’s economy.

Under the agreement, « AJA » CJSC will make USD10.72mln investments creating around 1500 new workplaces. The second free economic zone will be launched in 2015.

AJA CJSC General Director Artak Udumyan said that the free economic zone is going to cooperate with 120 companies from U.S., Russia and Turkey. The company also received applications from India, Egypt, Israel etc.

« We intend to create a powerful jewelry hub bringing our jewelry field in line with global standards », said Artak Udumyan noting that Armenia has all the necessary prerequisites for it.