Free economic zone establishment Agreement is expected to be signed between Armenia and Iran this week

ArmInfo. Free  economic zone  establishment Agreement is expected to be signed between Armenia and  Iran this week . This was stated by Suren  Karayan, the Minister of  Economic Development and Investments, during the  working meeting at  Prime Minister Karen Karapetyan's office,  dedicated to the economic  development of the country.  

According to the Minister, the zone design works are in progress  already. Earlier the Government of Islamic Republic of Iran approved  the Agreement signed between Armenian and Iranian in respect to the  joint operation of Meghri-Norduz customs gate, which was signed  during the visit of Iranian  President Hassan  Rouhani to Armenia on  December 21, 2016. 

According to forecasts of Armenian Ministry of Economic Development  and Investments, more than 100- 120 companies, as well as USD 350-400  mln investment s  will be involved in the free economic zone in  upcoming ten years. It is expected that those companies will increase  Armenian export for  USD 100-120 mln annually, mainly to the  countries of EEU, Iran, Middle East and Asia. About 2500 new jobs are  expected to be opened. The free economic zone will be located near  Iranian border, occupying 35 Ga, with possible extension  for 10 Ga.  The total expenditures of free economic zone founders are expected at  USD 32 mln for 10 years, and the income will form about USD 52 mln  for the same period.

There is the Aras free economic zone right on the opposite side of  the border, and a closest cooperation is panned to be set with the  zone mentioned.