During the session, the Armenian government granted Bagezyan LLC a permit to operate in the territory of Meridian Free Economic Zone. A 68.5 $ million investment program is planned for implementing in jewelry sector. According to RA Minister of Economy Mr. Artsvik Minasyan, in the upcoming five years the company will create at least 70 new jobs with an average salary of 250-500 $. Bagezyan LLC will have 700 square meters of production areas in the Meridian FEZ.
"The company plans to expand exports to major destinations in Russia and other Eurasian Economic Union countries, Europe, USA, Canada, UAE, Hong Kong, Mexico, Iraq, Israel, with the annual export volume of over 9.5 million dollars in the near future'', Mr. Minasyan said.
Bagezyan LLC is a member of Bag Jewelry Company, headed by Efrim Bag, Chairman of AJA Bolsahay chapter.
A regular Cabinet meeting was held today, chaired by Prime Minister HovikAbrahamyan. In accordance with the next decision, Bagezyan LLC will be granted an operator’s permit in Meridian free economic zone. Minister of Economy Artsvik Minasyan gave details of FEZ activities, noting that at this point of time there are some 10 operators involved in Alliance and Meridian free economic zones. Investment to a total amount of USD101.2 million is to be made to create over 450 new jobs.