TEHRAN- The value of exports from Aras Free Trade Zone in Iran’s East Azarbaijan Province stood at $251 million in the past Iranian calendar year (ended on March 20, 2019), IRNA quoted the managing director of Aras Free Trade Zone Organization as saying on Saturday.

Mohsen Nariman named the Republic of Azerbaijan, Turkey, Russia, Iraq, Uzbekistan, Georgia, Afghanistan, Germany and the United Arab Emirates as the export destinations of the products, putting Azerbaijan on top of the list.

The official said that exports from the free zone has grown 35 percent year on year.

Some 2600 industrial, service and tourism units are operational in Iran’s free trade zones, according to Secretary of Iran’s Free Zones High Council Morteza Bank.

The official said 1.3 quadrillion rials (over $30.95 billion) of investment have been made in Iran’s free zones over the past five years.

He further noted that half a million jobs have been created in the country’s free zones and $6 billion foreign investment has been attracted in various areas.

Free zones play some significant role in development of the country, Bank noted.

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.

MA/MA