Aug 19, 2017, 1:00 PM
News Code: 82636261
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Iran, Armenia sign MoU on free trade zones

Tabriz, Aug 19, IRNA – Iran and Armenia signed a memorandum of understanding (MoU)regarding Aras Free Trade Zone(FTZ), NW Iran, and Meghri FTZ, SE Armenia, said Head of Aras Free Zone Organization.

Mohsen Khadem Arab-Baghi said, 'Information and experience exchange is among the most important parts of the document,' adding that gas transfer and energy export from Iran to Meghri, establishing different factories, and easier entering of the cars from Iran to Armenia and vice-versa are in the agreement as well.

The Armenian government approved a bill on March 30 to establish a FTZ near the border with Iran.

Meghri Free Trade Zone will be set up in Syunik Province along the Aras River over an area of 32 hectares with an investment of over $3 million in the first year.

Some 120 foreign investors will invest between 350 and 400 million dollars to increase the value of exports in the region to $100 million in a year and also to create 2,500 jobs.

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