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Production in Iran's Maku Free Zone increases

Business Materials 6 July 2020 18:12 (UTC +04:00)
Production in Iran's Maku Free Zone increases

TEHRAN, Iran ,July 6

Trend:

Production in Iran's Maku Free Zone in the West Azerbaijan Province has increased, while it's also explected to attract investments from the private sector into the zone, head of Maku Free Zone Mohammad Reza Abdolrahimi told Trend.

"Value of products in the zone amounted to $570 million in the last Iranian year (started March 21,2019). During the first two months of the current Iranian year (started March 20,2020) the products' value was $87 million. This indicated a 30-percent growth, compared to same time of the last Iranian year," he said.

Abdulrahimi said that major part of production in the zone accounts for clothing, home appliances, food items, agricultural and chemical products.

"The value of exported products and services from Maku Free zone last Iranian year was $49 million, and these goods were mostly destined for Afghanistan, Iraq, Germany, Turkey, Romania and Azerbaijan and included raisin, plastic products," he said.

"Iran has implemented plans to facilitate investments in the Maku Free Zone that include providing various online services, holding conferences and international exhibitions to showcase advantages of the free zone," he added.

Previously, the official told Trend that Maku Free Zone is providing significant incentives to investors that includes a 20-year tax exemption for all activities in all sectors and no visa obligation for foreign citizens, no custom charges for production units that import basic materials and machinery.

"Production units that import basic material and export products to original source, will also receive custom discounts," Abdolrahimi had said.

"There would be no limit for joint cooperation with foreign investors and foreign investors can register a company and government would secure their investments."

The Maku Free Trade Zone, located in Maku county of West Azerbaijan province, has a 140-kilometer border with Azerbaijan and a 130- kilometer border with Turkey.

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