Armenia plans to kickoff the construction of a free economic zone in the southern town of Meghri on the border with Iran in November, economic development and investment minister Suren Karayan told journalists on Thursday.
Earlier this month Suren Karayan and Iranian president’s advisor and secretary of free trade zones coordination council Akbar Torkan signed a memorandum of understanding (MoU) to broaden cooperation between Iran’s Aras and Armenia’s Meghri free trade zones. The agreement is meant to step up potentials of cooperation between the two countries’ free trade zones.
The establishment of the free economic zone in the southern Armenian Meghri, near the border with Iran is estimated to cost $32 million, of which $28 million are capital expenditure. The free economic zone is said to create 2,500 new jobs and increase Armenian exports by 30%.
According to the government, the main purpose of the free economic zone is to help boost trade and economic relations with Iran and other countries of the region, help the development of the southern Armenian province of Syunik, as well as position Armenia as a link between Iran and members of the Eurasian Economic Union (EEU) and Georgia.