Chinese, Indian firms participating in Iran’s Maku Free Zone projects
Baku, Azerbaijan, Dec. 16
By Fatih Karimov- Trend:
Chinese, Indian investors are participating in various projects which are underway in Iran's Maku Free Zone, northwest of the country, Hossein Forouzan, managing director of Maku Free Zone Organization said.
A Chinese company is constructing a 500-megawatts power plant in Maku Free Zone with holding 70 percent of investment share, Forouzan said, Mehr news agency reported Dec. 16.
Some $167 million is invested for the first phase of the project, the official said.
Also, an Indian company is building a ferroalloy production plant in Maku Free Zone, Forouzan said, adding some $150 million will be invested for the plant's construction.
Last month, Forouzan said that Turkish companies are interested in fully financing a petrochemical plant project in the zone.
Some $6 billion is estimated to be invested in the project by Turkish companies, he said, adding the Turkish side wants to hold 100 percent of the investment share, he added.
He expressed hope that foreign investors will finance various industrial projects including petrochemical ones in the zone.
Earlier he announced that negotiations are also underway with Ukrainian and German companies to invest in petrochemical projects in the free zone.
"Petrochemical projects are a priority for investment in the zone," he said adding that infrastructure projects are also inviting investors.
Forouzan cited copious water resources and feedstock supply as major the zone's advantages which justify investment in petrochemical industry.
Last year the official called on the Azerbaijani and Turkish businessmen to invest in the free zone's development.
"Investments in the free economic area benefit both to Iran and Azerbaijan. Maku has all the conditions for making investments," he said, adding that the export of goods produced in the free economic area is exempt from customs duties.
"The Maku free economic area, in particular, produces furniture and clothing. A preferential taxation for 20 years is used with regard to the enterprises working in the free economic area," Forouzan added.