Investments in Iran's Aras Free Trade Industrial Zone increase

Business Materials 29 March 2020 11:12 (UTC +04:00)
Investments in Iran's Aras Free Trade Industrial Zone increase

BAKU, Azerbaijan, March 29

By Elnur Baghishov - Trend

Investments in Aras Free Trade-Industrial Zone at the East Azerbaijan province in northwestern Iran in the last Iranian year (from March 21, 2019 to March 20, 2020) increased by about 2.5 times compared to the preceding year (from March 21, 2018 to March 21, 2019), said Safar Shasafand, Deputy Director for Economy and Investment at Araz Free Zone, Trend reports citing IRNA.

According to Shasafand, about 58.5 trillion rials (nearly $1.4 billion) of local investment and $208 million of foreign investments were made in the zone last Iranian year.

Shasafand added that more 556 projects were examined by the economic commission of the zone in past year.

The official said that 162 out of 221 investment projects examined were approved for implementation this year, and 158 of them are local investments and four are foreign investment projects.

"Investments will be made in industry, agriculture, tourism and services. It is forecasted that more than 4.8 thousand people will be employed within the projects," he said.

The territory of Aras Free Trade-Industrial Zone is more than 71,800 hectares.