World Trade Center to Be Built Instead of Haypost Building on Saryan Street

During today's meeting, the government approved the urban development program for the construction of the World Trade Center (WTC) and participation in the establishment of the "World Trade Center Yerevan" closed joint-stock company.

Economy Minister Vahan Kerobian noted that the World Trade Center represents an active international business community, providing local businesses with the best opportunities for international trade and investment. The association exists in 100 countries and there are about 310 World Trade Centers in various cities around the globe.

"It is not only a reliable and reputable brand but also a global trade network and ecosystem that includes economic development agencies, associations, urban planning organizations, airports, ports, universities, and more," said the minister.

He informed that the project was presented by "Renshin" LLC, which is a member of the World Trade Center and has become the brand's holder in Armenia. "This project plans to build approximately 123,000 square meters of buildings and structures, which will include office spaces, 4 and 5-star hotels in various formats, areas designated for events, exhibition center halls, conference rooms for international forums, summits, and other events, as well as a business center for new startups, initiatives, and business activity. Tourism-promoting activities will be carried out there, along with many other projects. The total cost of the project is estimated at about 212 million USD," Kerobian stated.

The company’s charter capital will amount to 21,898,520,000 AMD, of which 10,949,260,000 AMD will be invested by the Investor in cash, while the Republic of Armenia and "Haypost" CJSC will contribute their investments in the form of the real estate located at the Saryan 22 address, with the Republic of Armenia's investment amounting to 4,161,260,000 AMD and "Haypost" CJSC's investment amount totaling 6,788,000,000 AMD.

In the charter capital of the company, ordinary shares will be distributed among the shareholders as follows: a. Republic of Armenia - 19.82% b. "Haypost" CJSC - 30.18% c. Investor - 50%.

“Essentially, instead of the Haypost building on Saryan Street, a large complex will be created at the intersection of Saryan and Paronyan streets, and in my assessment, we have not constructed a building of this scale in the history of the third republic. I mean that it has not been constructed in Armenia,” said Prime Minister Nikol Pashinyan.

Pashinyan emphasized that upon completion of construction and project launch, the government will hold about 20% of shares, which it can manage in any way. "And this 200 million USD investment will bring, in my opinion, a new architectural quality, new construction standards, new quality, and new experiences, which I believe are very important for Armenia. Of course, this scale of investment is a serious signal regarding the existence of an appropriate investment environment in Armenia,” noted Pashinyan.

Minister of High-Tech Industry Robert Khachatryan mentioned that the expected revenues from the project are intended to be directed towards the development of "Haypost." "Seeing that the volumes of electronic commerce are steadily increasing, we see that Haypost needs a new modern sorting center that will enable it to process larger volumes of cargo because the existing sorting center does not meet modern standards. We have already begun calculations, and we are looking for a suitable location for logistics. Also, the building on Saryan 22 was constructed during Soviet times and does not meet any modern standards. Having such a building in the central part of the city in the form of a global center, I believe, will be very good progress for the city’s appearance," he said.