Baku, Azerbaijan, Oct. 18
By Fatih Karimov - Trend:
Foreign investors are participating in economic projects which are underway in Iran's Maku Free Zone, northwest of the country.
Hossein Forouzan, managing director of Maku Free Zone Organization, said that a Chinese company started building a power plant in Maku Free Zone with holding 70 percent of investment share three months ago, Fars news agency reported on October 18.
"Also, an Indian company will establish a ferroalloy production plant in Maku Free Zone," he said, adding that the first phase of the production line will come on stream in the next Iranian fiscal year, which begins in March 2016.
Meanwhile, negotiations are being held with Ukrainian and German companies to invest in petrochemical projects in Maku Free Zone, he noted.
Some $17 billion of goods are transacted via Bazargan border and Maku Free Zone annually, he said.
In Nov. 2014, Forouzan called on the Azerbaijani and Turkish businessmen to invest in its development.
"Investments in the free economic area benefit both to Iran and Azerbaijan. Maku has all the conditions for making investments," he said, adding that the export of goods produced in the free economic area is exempt from customs duties.
"The Maku free economic area, in particular, produces furniture and clothing. A preferential taxation for 20 years is used with regard to the enterprises working in the free economic area," Forouzan added.