Armenian company Hayk-21 LLC announced the launch of the production of motor oils and lubricants from petroleum products in Armenia. The equipment for production is supplied by the Russian company VORTEKSPROM. Investments in the program amounted to about $2 300 000. The company is also included in the free economic zone «Alliance» for 5 years. The company will have a production area of about 2000 square meters there. They have created about 30 new jobs with an average salary of 250,000 to 350,000 drams.
The Free Economic Zone Alliance specializes in the production and export of high-tech and innovative technologies in the fields of electronics, precision engineering, pharmaceuticals and biotechnology, information technology, alternative energy, industrial design, and telecommunications (design and production of technological equipment, systems, and materials for data/information transmission), as well as production of goods not produced on the territory of the Republic of Armenia.
In addition to «Alliance», in Armenia, there are three more FEZ: «Megri», «Meridian» and «ECOS». «Meridian» is specialized in jewelry, stone cutting, and watchmaking. Specialization of «Megri» FEZ is industrial and logistic: in the sphere of agriculture, manufacturing, electricity supply, trade, transportation and economy storage, professional and technical activity, culture, tourism, entertainment, and recreation. «ECOS» is for companies, whose activities include advanced and science-intensive technology.
The details on FEZ can be found on the website of the Ministry of Economy of RA:
