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                                        Volume. 12160

Iran, Armenia mulling creation of special economic zone
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TEHRAN – Iran and Armenia are planning to hold talks on the establishment of a special economic zone on the border of the two countries to facilitate business exchanges of jointly owned enterprises.
 
The Iranian ambassador to Armenia, Mohammad Raisi, said that the proposal to create a special economic zone on the Iran-Armenia border will be discussed by the joint intergovernmental commission when it meets in Tehran in autumn for a regular session, the Armenian news agency Arka reported on June 5.
 
According to projections, the establishment of preliminary infrastructure will take no longer than three years, and after that a longer process will be launched to establish more powerful industrial facilities.
 
Armenia was the 28th most important trading partner of Iran in the previous Iranian calendar year, which ended on March 20, 2014, according to the Iranian Customs Administration.
 
Annual trade between Iran and Armenia amounted to $134.4 million in the Iranian calendar year. Armenia exported $28.9 million of goods to Iran and imported $105.5 million of goods from the country in Iranian year 1392 (March 2013-March 2014).
 
In May, the Iranian commercial attaché in Armenia, Hamaiak Avadis Yanes, said that the trade turnover between the two neighboring countries totaled $293 million in 2013, Press TV reported.
 
According to Yanes, Iran’s main exports to Armenia were bitumen, industrial oil, ammonium nitrate, soybean oil, and oxides, while Armenia’s main exports to Iran were aluminum and cast iron scraps.
 
MG/HG

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