|Land transfer to foreign firms in Aras free trade zone approved||
TEHRAN – The administration of Iranian President Hassan Rouhani has approved legislation allowing the transfer of land to foreign companies in the Aras Free Trade and Industrial Zone, which is located in the northwestern province of East Azarbaijan.
The decision was made to make it easier for foreign investors to set up businesses in the free trade zone, without the need to launch joint ventures with Iranian companies, IRNA reported on Wednesday.
The Aras Free Trade and Industrial Zone is located on the border with the Republic of Azerbaijan, Armenia, and the Nakhchivan Autonomous Republic, which is an exclave of the Republic of Azerbaijan.
The countries of the former Soviet Union are potential markets for the export of non-oil products from the Aras Free Trade and Industrial Zone.
President Rouhani has told the finance minister and the central bank governor to adopt policies to facilitate non-oil exports.
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