In 2017 the Government of Armenia established a free economic zone in the Armenian – Iranian border zone of the Syunik region of the RA, with 100% of its shares held by Panаrmenian fund. The purpose of creation of the FEZ is to solve not only the socio-economic problems of the Syunik region, but also to contribute to the attraction and growth of investments in Armenia from abroad, the development of the region, the strengthening of economic ties with the Iranian Republic for more productive economic relations with Eurasiаn Economic Union and the European Union. The establishment of the FEZ will also contribute to the global growth of the competitiveness of the national economy, the production of competitive products, the attraction of foreign investments, the increase in the investment appeal of the country, the creation of products for export, and also the growth of exports.
The establishment of the FEZ is supposed to be carried in two phases:
- At the first stage, the territory adjacent to the Meghri customs point has already been built, providing primary infrastructure areas;
- At the second stage it is planned to launch Meghri free economic zone and the consistent implementation of the strategy for the development and expansion of the zone.
The volume of investments currently amounts to 699 million drams.
Unlike the other already existing FEZ in Armenia, there are no any industrial limitations for the future users in the free economic zone in Meghri. And besides, the economic activity includes trade, tourism, hotel business and entertainment. Since 2021 “Meghri Free Economic Zones” has been the member of the World Free Economic Zone Association․