Armenian Government gives green light to Free Economic Zone

Yerevan, Armenia, August 30, 2018: The Government of the Republic of Armenia has signed a decree to establish a Free Economic Zone (FEZ) in Hrazdan.

ECOS company, the FEZ organizer, will be responsible for the tech-cluster development.

The FEZ will become a unique infrastructure for hi-tech projects development in Armenia. The special focus will be on projects based upon distributed ledger, AI, and machine learning.

It is a strong foundation for a one-of-a-kind ecosystem with its own digital infrastructure services: from education and communication projects with R&D labs to digital fundraising platforms for startups.

The ecosystem will boost the process of balanced regional development of Armenia as well as attract foreign investment and technologies. The FEZ residents will be free from the VAT and income tax for 25 years.

Within the FEZ, ECOS is planning to launch an Industrial Mining Center. It will become a part of the technological cluster for innovative startups and companies, being a FEZ data-center at the same time.

It is planned that during the first stage of ECOS development, a significant number of highly-paid jobs will be created while attracting more than $100 million in investments.

“Within ECOS, a global platform for innovative technologies and expertise development and attraction is being created; from this platform, the projects created in the ecosystem will be launched to the global markets; it will become a powerful incentive for the national tech-cluster development,” comments ECOS Managing Partner Ilya Goldberg.

About ECOS:

  • ECOS is an innovative ecosystem, incorporating data-center, Industrial Mining Center, venture fund, R&D laboratory, educational platform, acceleration programmes, and Armenian Blockchain Forum, an educational event.
  • ECOS company carries out a complex programme for innovative technologies market development, attracts and funds blockchain and AI startups from Armenia and other countries. The special focus will be on innovative technologies market development in Armenia and worldwide.
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