BAKU, Azerbaijan, January 22. A Turkish investor will make an investment of $1.82 million into Iran’s Aras Free Trade - Industrial Zone in East Azerbaijan Province, located in the northwest of Iran, said Ali Navid, deputy director of the zone, Trend reports.
The deputy noted that a plan had been devised for this purpose and that the investment would go towards cotton farming and processing.
The official, however, did not reveal the Turkish investor's identity.
Navid further stated that as part of the proposal, 400 tons of cotton would be produced annually on a 10,000-square-meter area. The cotton would subsequently undergo processing.
He also pointed out that the plan is expected to be finished within 24 months and that it would create 25 jobs.
The Araz River flows along the Aras Free Trade-Industrial Zone in Iran’s northwest. The zone covers 51,000 hectares of land. It hosts 150 manufacturing and industrial enterprises that produce various goods. The zone also has the country’s largest greenhouse, which spans 7,000 square meters.
Araz Free Trade Zone attracted local investments of about 75.7 trillion rials (about $1.8 billion) in the first nine months of the current Iranian year (March 21 through December 21, 2023). The zone also received foreign investment of $41 million in the same period. This was an 11 percent increase in foreign investment compared to the same period last year.
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