The following is a Business Armenia press release.

With the support of Business Armenia, the Russian Ecotechprom LLC will build an industrial complex in Armenia with investments of $285-340 million.

 The Memorandum of Understanding on investments and after-care investment services was signed today, in the presence of Acting Deputy Prime Minister Tigran Avinyan, Acting Minister of Economic Development and Investments Tigran Khachatryan.

The document has been signed by the Acting CEO of Business Armenia Mr. Armen Avak Avakian and Ecotechprom LLC CEO Mr. Sergey Sopin.

The industrial complex will occupy about 100 hectares of land and will consist of three plants for sodium chloride and industrial salt, sodium carbonate, glass manufacturing. About 1,100 jobs will be created.

“According to the business plan, the project work will be completed in December 2019 and the construction of industrial complex will be completed in 2022.  Every year one of the plants will be put into operation. The products will be mainly exported” noted Mr. Sergey Sopin, CEO of “Ecotechprom” LLC.