Mar 18, 2020, 8:58 PM
Journalist ID: 2374
News Code: 83720480
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Aras Free Zone, Austrian firm sign MOU

Tabriz, March 18, IRNA - Aras Free Zone and an Austrian company signed MoU on investment and cooperation in establishing an international bank.

Speaking to IRNA, member of the presiding board of Aras Free Zone Organization Safar Shasfand said the MoU is aimed at launching foreign university, building 500-bed hospital and renovating tourism centers.

He noted that based on the MoU, investors will be responsible for financing studies and constructing projects.

Aras Free zone is a neighbor to the Nakhichevan autonomous region and Armenia, 137 km from the city of Tabriz.

Aras Free Zone is an environment ready for the bilateral and multilateral economic cooperation between Iran and Russia and the countries of the South Caucasus. Aras Free Zone with an area of 51,000 hectares of land, relying on its fully-prepared investment infrastructure (facilities, including water, electricity, gas, and the development of connecting roads), as one of the Turkish investors said while visiting this Zone, is like a prepared cake that any country is willing to win a significant share of it.

In addition to the readiness of infrastructure, this important economic region of Iran has a master development plan for the fields of industry, agriculture, trade, transit and tourism, and it can be said that the industry possesses the backbone of the formation of this region with a share of 59 percent of investment in four industrial phases: heavy, high-tech, and light industries and processing agricultural products from more than eight countries in the region and the world.

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