Iranian President’s advisor, head of the organization for free and special economic zones Behrooz Baghai announced that the permission for establishment of a bank of free economic zones has been already issued.

According to him, a developed banking system is one of the vital elements of the infrastructures of free economic zones.

“The organization’s policy is aimed to attract foreign investments and development of transit of cargo in all economic zones,” he said.

Armenia is also planning to create 2 or 3 free economic zones in 2011. The government has already approved a relevant legislative initiative, which is submitted to the parliament. The zones are likely to be located in Mars plant and Zvartnots Airport. Works will kick off in summer or autumn. Besides, the technopark in Gyumri may host free IT trade zone. Investments will be private while the government will create favorable conditions. The initiative supposes increase in job opportunities and export-bound high-quality production.