Projects worth over $330m to be inaugurated in free zones

August 26, 2019

TEHRAN – On the occasion of the Government Week (August 24-30) 100 development projects worth 14 trillion rials (about $333.3 million) are due to be inaugurated in Iran’s free trade, industrial zones, IRIB reported on Monday citing Iranian Secretariat of Free Zones High Council.

According to Morteza Bank, the secretary of Free Zones High Council, the mentioned projects have been defined in various areas including production, infrastructure, construction, services, education, and tourism.

The official noted that the projects have been mostly funded by the private sector and created job opportunities for over 3000 people in the country’s free zones.
Bank also put the amount of foreign investment made in these projects at more than nine million euros.

He noted that currently, some 2600 industrial, service and tourism units are operational in Iran’s free trade zones.

According to Akbar Eftekhari, the deputy secretary of Free Zones High Council for production, exports and technology affairs, there are seven free trade zones and 25 special economic zones in Iran in which nearly 500,000 people are working in 1,700 production units.

Establishment of free trade zones in Iran dates back to Iranian calendar year 1368 (March 1989- March 1990) following the fall in the country’s oil income in the preceding year which prompted the government to promote the non-oil exports.

The first two free trade zones of Iran were established in the south of country. The first one was Kish Free Trade Zone established in 1368 on Kish Island in the Persian Gulf and the second one was Qeshm Free Trade Zone established the year after on Qeshm Island in the Strait of Hormuz.

Some five other free trade zones have been also established in the country since then, including Chabahar in southeastern Sistan-Baluchestan Province, Arvand in southwestern Khuzestan Province, Anzali in northern Gilan Province, Aras in East-Azarbaijan Province and Maku in West-Azarbaijan Province, both in the northwest of the country.

EF/MA

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