Meghri
According to the government, the main purpose of the free economic zone is to help boost trade and economic relations with Iran and other countries of the region

Armenian minister of economic development and investments Suren Karayan and the director of the Syunik Free Economic Zone Yervand Ghukasyan have signed an agreement regulating the operation of the Free Economic Zone (FEZ) to be created on the border with Iran.

The document regulates all the issues concerning the establishment of the free economic zone, creation of relevant infrastructure, setting  service tariffs  and attraction of investments and companies.

Sarkis Aghabekyan, Chairman of the Board of the Syunik Free Economic Zone, told journalists that the free economic zone will enable to significantly increase the volume of trade between the Eurasian Economic Union and  Iran.

According to him, the cost of products to be produced in FEZ will be lower by approximately 25%, which is significant from the view point of  competitiveness. 

The establishment of the free economic zone in the southern Armenian Meghri, near the border with Iran is estimated to cost $32 million, of which $28 million are capital expenditure. The free economic zone is said to create 2,500 new jobs and increase Armenian exports by 30%. 

According to the government, the main purpose of the free economic zone is to help boost trade and economic relations with Iran and other countries of the region, help the development of the southern Armenian province of Syunik, as well as position Armenia as a link between Iran and members of the Eurasian Economic Union (EEU) and Georgia. 

About 120 foreign companies will be hosted by the free economic zone, which are expected to invest a total of $350-400 million. This in turn will allow exporting $100 million worth products annually.


Source: arka.am

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