TEHRAN- The secretary of the Iranian Free Zones High Council announced that 2,200 industrial and mining units are now active in the country’s free trade zones and special economic zones.

Morteza Bank has also said that despite the limitations and barriers due to the foreign currency, tax and customs issues, as well as the sanctions, and coronavirus pandemic, some valuable achievements are witnessed in terms of investment making in the free trade zones and special economic zones of the country.

The data released by the Ministry of Finance and Economic Affairs show that 89.843 trillion rials (about $2.139 billion) of domestic investment has been made in Iran’s special economic zones during the past Iranian calendar year (ended on March 19, 2020), which has been 173 percent more than the figure of its preceding year.

The 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 non-oil exports.

Considering the important role that the free trade zones play in promoting the country’s export and employment, Iran is seriously pursuing the development of its existing zones and establishment of new zones as well.

MA/MA