A free economic zone is planned to be created in Gyumri. What is it?
The Asian Development Bank intends to create a free economic zone in Gyumri. From October 28 to November 1, the bank’s delegation visited Armenia to assess the potential for developing a free economic zone in Gyumri.
It is important to understand what a free economic zone is. It is a designated area within a country where both domestic and foreign entrepreneurs and investors are allowed to carry out economic activities (such as production, trade, property acquisition, etc.) under more favorable conditions compared to other areas of the country.
Notably, in 2019, the government had planned to create a free economic zone near Shirak International Airport. At that time, it was planned to build a free economic zone covering 319 hectares within 10-12 years. However, no work has been done to date.