YEREVAN. –  The Standing Parliamentary Committee on Economic Affairs approved unanimously the draft law on creating a free economic zone in Armenia during the discussion on Wednesday.

The initiator of the draft law was Armenian Minister of Economic Development and Investments Artsvik Minasyan.

By the decision of the Government, Hrazdan tom will become the fourth free economic zone (FEZ) in the country with a data center for mining. The organizer of the FEZ ecosystem will be ECOS, which will be responsible for the development of the technological cluster.

The main task of the FEZ will be the creation of infrastructure for the development of projects that work on the basis of blockchain, artificial intelligence and machine learning.

As reported earlier, the government of Armenia decided to create a free economic zone (FEZ) in Hrazdan town. He noted that, as per the respective plan, about 200 operators shall be engaged at this FEZ, by 2043, and added that this will be the fourth FEZ in Armenia. According to him, this plan aims to ensure direct foreign investment, increase the investment appeal of, create export-oriented high-tech and IT products, create new jobs, and promote sustainable economic development in Armenia. This FEZ will operate for 25 years.