Aroyan Company will invest $11 million in Armenia’s jewelry industry with eight years, Suren Karayan, Armenian economic development and investments ministers said.
The government gave the company its permission to do business in Meridian Free Economic Zone as resident. “The company is planning to create five jobs with $300 average salary this year and to increase the number of employees to 100 within eight years,” Karayan said. “The company intends to import its products to Russia, Kazakhstan, the United Arab Emirates, Qatar, Bahrain, Kuwait, and Oman. Annual exports will total about $2.5 million.
Meridian Free Economic Zone or jewelry industry, opened up in 2014. The total area for production and offices is 25,450 square meters.