Iran’s Maku Free Zone ready to provide facilities for Turkish investors

Azerbaijan, Baku, Jul.7/ Trend F.Karimov/

Iran's northwestern Maku Free Zone is ready to provide facilities for Turkish investors, IRNA quoted deputy director of Maku Free Zone, Reza Masroor, as saying.

He added that investors in Maku Free Zone are being offered with 20-year tax exemption, importing raw materials without paying duties, and low-cost energy sources and manpower.

He made the remarks in a meeting with a group of investors from Turkey's Erzurum visiting Maku Free Zone.

The Maku free zone, which is the country's largest of its kind, came on stream in January 2012.

In January, IRNA reported that data compiled by Turkey's statistics center showed that the value of trade between Iran and Turkey surpassed $20.8 billion in the first 11 months of 2012, which was a rise of around 40 percent compared to the same period in 2011.

Turkey's exports to Iran amounted to $7 billion in the 11-month period, mainly due to exports of gold to Iran.

Oil, gas, and petrochemicals account for the lion's share of Iran's exports to Turkey.

In December 2012, Iran's ambassador to Turkey said Tehran and Ankara have the potential to increase the volume of their trade fivefold to $100 billion a year.

Ambassador Bahman Hosseinpour added that ample investment opportunities await Turkish investors in Iran.

The two countries plan to increase the level of their bilateral trade to $30 billion by 2015.

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