The memorandum was signed between Suren Karayan, Minister of Economic Development and Investments of RA and Karel Krejza, Chairman of the board of "Grandera" CJSC.

According to the memorandum it is planned to establish partnership cooperation between the sides and ensure development of long-term, effective and mutually beneficial cooperation aimed at modernization of street lighting in towns and villages of Armenia, as well as construction of modern plant for production of LED lighting systems.

The construction of plant will enable to produce competitive Armenian LED lighting systems. The expansion will open opportunity for new markets both in Islamic Republic of Iran and member states of the Eurasian Economic Union.

The construction of the plant is planned to be implemented within 15 months. The plant's prior capacity will compile 18 000 points. For the first phase is planned to create 170 workplaces. As a result of production expansion, it is expected to reach the number of workplaces to 400.

Within the framework of investment program implementing, if it is necessary, the Ministry of Economic Development and Investments of RA will provide assistance to "Grandera" CJSC from the toolset defined by the Government of RA.

Minister Suren Karayan noted." I am happy that you are going to make investments in Armenia. We are ready to cooperate with you in all possible directions and provide support".

"Armenia is very interesting to us; it has free market and we didn’t meet any obstacle in Armenia. I feel a great potential in Armenia. You actually need new technologies and we will create it together. We will also create new job opportunities”,- noted Karel Krejza, Chairman of the board of "Grandera" CJSC, adding that the work with the Armenian Government, particularly with the Ministry of Economic Development and Investments has been very effective.