Iran considers investment projects in Araz Free Trade Zone

Business Materials 26 January 2020 12:20 (UTC +04:00)

BAKU, Azerbaijan, Jan. 26

By Elnur Baghishov - Trend:

Some 182 investment projects were considered in the Araz Free Trade Zone in Iran’s western East Azerbaijan province, Director of the Investment, Banking and Insurance Department of the Araz Free Trade Zone Organization Said Heydari said.

“The projects were sent to the Iranian Economic Commission for final consideration,” Heydari added, Trend reports referring to IRNA.

“The domestic investments worth 35 trillion rials (about $834 million) and the foreign investments worth $208 million are expected to be made in 129 projects which have been sent to the Economic Commission,” the director of the department said.

“In accordance with the forecasts, 30,000 people will be employed in the Araz Free Trade Zone after the implementation of these projects,” Heydari said.

“Some 180 licenses for economic activity were issued during nine months (from March 21 through December 21, 2019) of this Iranian year,” the director of the department said. “The term of 60 of those licenses was extended and 120 were issued for the first time.”

"The licenses were issued for registration of 167 companies during the reporting period," Heydari said.

The products worth $267 million were exported from Iran's Araz Free Trade Zone from March 21, 2018 through March 21, 2019.