30% exports growth forecast with creation of Engineering Town in Armenia

The government has approved the concept of creating an engineering town and the timeline of subsequent actions.

Speaking at today’s Cabinet meeting, minister of economic development and investments Suren Karayan said the Engineering Town project was designed for ensuring further development of engineering and high technology development in Armenia, and the project is planned to be realized under the public sector-private sector cooperation model.

Nearly 21,2 million dollars is planned to be invested under the project, with 50% of the total spending to be co-financed by the government through the World Bank’s loan program, and the remaining 50% by National Instruments.

Until the project becomes self-contained, expenses related to the project will be covered by the loan within the boundaries of 10,5 million USD.

As result of the project, training of 1500 qualified experts and creation of 2000 jobs will be carried out, at least 20 new companies will be established and exports will grow 30%.