Armenia and Russia in search of a new innovative model for an industrial park and a venture fund on the basis of “Mars” factory

Yerevan/Mediamax/. Armenia and Russia are in search of a new innovative model of an industrial park and a venture fund on the basis of “Mars” factory, Armenian Prime Minister Tigran Sargsian stated.

Mediamax reports that speaking of the reasons of delay in realization of the Russian “Sitronics” Concern’s investment project on Armenian “Mars” factory, Tigran Sargsian stated that “the global financial crisis hit the project”, and at present the sides are elaborating a new investment model of establishing a free economic zone, a venture fund on the territory of the factory and on realizing innovative projects.

According to the Prime Minister, the total volume of Russian investments into realization of this project is planned at the level of $200mln.

Establishment of an industrial park and a venture fund at “Mars” factory was planned back in 2009. “Mars” was handed over to the property of the Russian Federation in 2003 within the framework of the deal on repaying Armenia’s state debt.