Projects worth over $3.5b inaugurated in free zones

September 11, 2020 - 13:12

TEHRAN – Iranian President Hassan Rouhani inaugurated 58 development projects with a total investment of about 150 trillion rials (over $3.5 billion) in the country’s free trade zones and special economic zones through video conference on Thursday, IRNA reported.

As reported, 12 of the mentioned projects were inaugurated in Aras Free Zone in the northwest of the country, 11 were in Kish Free Zone in the south, 14 in Qeshm Free Zone, and the other 21 were put into operation in the special economic zones including Payam, Sarakhs, Shiraz, Kaveh and Yazd Zones.

It is expected that with the inauguration of these projects in which 48 trillion rials, plus €438 million and $4.4 million has been invested, 4,400 direct jobs will be created.

Speaking in the inauguration ceremony, Rouhani said that $134 billion worth of goods were exported from the country’s free zones over the last six years.

According to the president, these zones are no longer only distribution hubs and have become production centers.

The Secretary of Iranian Free Zones High Council Morteza Bank, who was also attending the inauguration ceremony, noted that 598 development and investment projects worth 550 trillion rials (about $13 billion) have been put into operation since December 2019, which have created job opportunities for 102,000 people.

The official noted that the free zones can play an important role in resolving problems in the field of banking, insurance, and warehousing during the sanctions era.

Free and special economic zones are expected to play an important role in the country's exports and imports and the prosperity of trade and commerce, he stressed.

In recent years, considering the important role that free and special zones play in promoting the country’s export and employment, Iran has been seriously pursuing the development of its existing FTZs and the establishment of new zones as well.

More development measures in this field have been taking since the U.S. re-imposition of sanctions on the Iranian economy in November 2018, as Iran is reducing its dependence on the oil income while elevating its domestic production and non-oil exports.

EF/MA

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