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Armenian Prime Minister Karen Karapetyan held a consultation devoted to the creation of free economic zone (FEZ) in Southern Syunik region of Armenia, in the area bordering Iran.

As the governmental press service reported, RA Minister of Economic Development and Investment Suren Karayan briefed the PM about the discussions to set up the organizing company of the Syunik FEZ along with the Chamber of Commerce and Industry of the Republic and the representatives of Syunik FEZ LTD.

The minister presented in detail the envisaged steps in FEZ formation, public-private sector cooperation formula as well as the initial organization and the risk management of the project.  2.5-3 million USD expected to invest at the first phase of the work with the RA Government decision to set the duration and the deadline of the completion of the construction works.

Karen Karapetyan instructed to speed up the process and present the draft decision about creating a free economic zone in Syunik in the upcoming cabinet session. The PM has stressed that by adopting the respective decision, the cabinet would endorse the bid for FEZ creation and its organizing company, with the project to launch in autumn of the current year.