The Armenian government has decided today to form a free economic zone for jewellers in Yerevan, News.am reports.
The AJA Holding in the new economic zone will be founded by the Armenian Jewellers Association (AJA). The Association has about 5,000 Armenian and foreign jewelers. 15 companies from the US, Russia, Turkey and Arab states have expressed interest in the zone.
The programme for development of the free zone was developed by EV Consulting. It plans to attract 150 companies to work there and create about 2,000 jobs with an average salary of $500 a month. According to the programme, the zone will generate exports of $200-250 million.
The free economic zone will be free from VAT, taxes on profit and property and import customs fees. The zone will focus on exports of products abroad. Sales of jewellery in Armenia will be taxed.
