September 20, 2020

Establishment of a Free Economic Zone in Hrazdan approved by the Government of Armenia

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The Armenian government signed a decree establishing the Free Economic Zone in Hrazdan.

The organizer of the SEZ is ECOS, which will be responsible for the development of the technology cluster.

The main task of the SEZ will be the creation of infrastructure for the development of high-tech projects in Armenia, working on the basis of a distributed registry, artificial intelligence and machine learning.

A unique ecosystem is created on the basis of SEZInfrastructure services will function: from educational and communication projects, research laboratories to electronic platforms to attract investment in developing projects.

Ecosystem will contributebalanced territorial development of Armenia, as well as attracting foreign investment and technology. Residents of SEZ ECOS will receive a zero VAT rate and will be exempt from income tax for 25 years. The joint Russian-Armenian team of the international company KPMG under the leadership of Nikolai Legkodimov, head of the group of advanced technologies, provided consulting and legal support in creating the SEZ.

Also, within the framework of the Free Economic Zone onOn the territory of Hrazdan TPP, the ECOS industrial mining center will be opened, which will become part of the technology cluster for innovative start-ups and companies, and will also act as the SEZ data center.

During the first phase of the ECOS ecosystem, it is planned to create a significant number of well-paid jobs and attract investments of more than $ 100 million.

“A global ECOS project will be createda platform for developing and attracting innovative technologies and competencies, bringing ecosystem projects to international markets, which will serve as a powerful impetus for the development of the country's technological cluster, ”said Ilya Goldberg, managing partner of ECOS.

About the ECOS project:

ECOS is an innovative ecosystem composed ofwhich includes data centers, an industrial mining center, a venture fund, an R&D laboratory for the development of innovations, an educational platform, acceleration programs and the Armenian Blockchain Forum information and educational forum.

ECOS is implementing a comprehensiveprograms to develop the market for innovative technologies, and also attracts and finances start-ups from Armenia and other countries developing products based on blockchain technologies and artificial intelligence.

ECOS activities are aimed at developing the market of innovative technologies in Armenia and abroad.