Armenia to have free economic zone this year

Armenian Minister of Economy, Tigran Davtian, announced that in 2011 industrial zone growth in Armenia was 12.1%. This was achieved by promoting traditional as well as new sectors of the economy.

The volume of imports reached almost $2.5 billion USD, which is almost 20% of GDP. According to Davtyan, the country plans to double its export volume in the next three years.

In addition, in September 2012 Armenia will establish its first free economic zone. The country is pinning its economic hopes on progressive reforms in the legislation system, as well as the promotion of investment projects.