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.