The Armenian government approved a decision to include Artek Power Systems LLC in the Alliance Free Economic Zone.
The company will produce and export unmanned aerial vehicles (UAV). The operation of beneficiaries in Alliance FEZ will enable to attract investments, boost the export of production in high and innovation technologies, contribute to the spread of an Armenian bran in that area.
The project will be implemented within five years (2021-2025). The investments will comprise about AMD 4.25 billion (about $8 million 383 thousands).
A total of 85 and more new jobs with AMD 450,000 (about $888) average monthly salary (in the first year), which will rise up to AMD 550,000 (about $1,085) later, will be created within the frames of the project.
In the first year of operation, the company will have about 250 square meters of office space in the free economic zone, which will expand to 1000 square meters in the fifth year.
By another decision, ‘Interactive Smart Technology Fez’ LLC was also included in the register of ‘Alliance’ free economic zone operators. The company will carry out activities in the field of production of high-innovative technologies, in particular, for the production of electronic devices.
The investments to be made within the framework of the program (2021-2025) will make about AMD 67 billion 704 million (over $133 million 538 thousand), 60 new jobs will be created – with about AMD 350 thousand ($690) (in the first year) to AMD 400 thousand (about $789) average monthly salary. The company will have a production area of about 650 square meters.
