Iran’s Araz Free Trade and Industrial Zone attracts $540M of local investment
Baku, Azerbaijan, April 8
By Elnur Baghishov – Trend:
Last Iranian year (started March 21, 2018), 22.7 trillion rials (app. $540 million) of local and $78.7 million of foreign investment were approved by the economic committee of Araz Free Trade and Industrial Zone in Iran’s East Azerbaijan Province, Safar Shasafand, deputy director for economy and investment at Araz Free Trade and Industrial Zone, told IRNA, Trend reports.
According to Shasafand, 523 investment projects were evaluated by the economic committee of the trade zone last year.
Shasafand added that it is being planned to open 5,728 workplaces in accordance with the projects.
"55 percent or 12.4 trillion rials (app. $296 million) of the local investment belongs to the industrial sector, 22 percent or 4.96 trillion rials (app. $118 million) to the tourism sector, 20 percent or 4.55 trillion rials (app. $108 million) to the agricultural sector, and 2 percent or 720 billion rials (app. $17.1 million) to the trade sector,” he said.
Shasafand said that all of the foreign investment in Araz Free Trade and Industrial Zone for last year was allocated to the industrial sector.
Araz Free Trade and Industrial Zone, located in the north-west of Iran, consists of an area of 51,000 hectares. More than 60 foreign and 400 domestic companies have invested in this area.
20 years of tax exemption, issuance of land with long-term loans to persons operating in production, import of raw materials and equipment without charge make Araz Free Trade and Industrial Zone an attractive investment to consider.