Iran expects free economic zone to boost trade with ArmeniaDecember 18, 2017 - 11:33 AMT PanARMENIAN.Net - The newly-established free economic zone on the Iranian-Armenian border would boost bilateral trade between the two countries, Iranian Ambassador to Armenia Kazem Sajjadi has said, according to the Financial Tribune. The FEZ that opened in the southern Armenian town of Meghri will embrace a wide framework of sectors, including agriculture, manufacturing industry, trade, cargo shipment and storage economy and tourism among others. Companies operating in the Meghri FEZ will be exempt from profit tax, value added tax, excise tax and customs fees, paying only income tax. Armenian officials expect the zone to attract 50-70 companies in the coming years, investing a total of $100-130 million and creating more than 1,500 jobs. “The launch of the Meghri Free Economic Zone will contribute to increasing the trade turnover volumes between Armenia and Iran, exchanging experience with Iranian free economic zones,” said the Iranian envoy. Trade between Armenia and Iran totaled $211.4 million during the 10 months of 2017 , up 6% from $199.4 million in the corresponding period of last year. Exports to Iran from Armenia during the period stood at $66.9 million, up 2.3% year-on-year. Exports to Armenia from Iran stood at $144.4 million, up 7.8% year-on-year. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |