Free Trade Zones

Development projects worth $ 1.47 billion inaugurated in free trade zones and special economic zones


TEHRAN – President Hassan Rouhani on Thursday inaugurated numerous projects worth 62 trillion rials (around $ 1.47 billion) in free trade and special economic zones in five different provinces across the country during ‘an online event.

Commissioned as a result of the series of inaugurations started in the previous Iranian calendar year (ended March 20), the said projects were based in the free trade provinces and special economic zones of the provinces of Iran. East Azarbaijan, Khuzestan, Alborz, Hormozgan and Sistan-Balochistan. .

Some 38 large industrial, construction, infrastructure and agricultural projects, with a total investment of 19,278 billion rials, were among the projects commissioned in the Aras free zone in eastern Azarbaijan.

Four large development projects worth four trillion rials (around $ 95.2 million) were also inaugurated in Alborz to create jobs for over 125 people.

With regard to the province of Khuzestan, eight industrial projects totaling 14,427 billion rials (about 343 million dollars) of investment by domestic companies plus 1.6 million euros of foreign investments were among the projects inaugurated in the Arvand free zone.

Four major industrial and development projects have also been implemented in the Chabahar free trade zone in Sistan-Balochistan, to create direct jobs for 675 people.

Several projects have also been launched in the Qeshm Free Trade Zone.

In recent years and especially since the reimposition of US sanctions, the Iranian government has taken serious steps to promote domestic production and push the country’s economy towards self-sufficiency while reducing its dependence on oil.

In this regard, last year, which was named the year of increased production by the leader of the Islamic revolution Seyed Ali Khamenei, the government launched a program in which each week several projects would be inaugurated through the country to show that the country’s economy is still dynamic and evolving.

The program continued into the current year which is being dubbed the “Production: Support and Barrier Removal” year despite the pandemic and restrictions created by US sanctions.

Since the beginning of the current years, every week several industrial, development, infrastructure, production and agricultural projects have become operational in various provinces.