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Iran opens major free trade industrial zone in Jolfa

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  • Iran opens major free trade industrial zone in Jolfa

    MENA Business Reports
    August 4, 2004

    IRAN OPENS MAJOR FREE TRADE-INDUSTRIAL ZONE

    Jolfa free trade-industrial zone was inaugurated in a ceremony
    Tuesday attended by Iran's President, Mohammad Khatami.

    The main objectives of establishing Jolfa free trade zone are to
    attract local and foreign investment, create jobs, promote export and
    transit of goods through the zone as well as its economy.

    According to IRIB, about 250 billion Rials has been invested in Jolfa
    zone, of which the private sector contributed 150 billion Rials.

    The remainder was provided by Omran Jolfa Co. in two phases including
    the preliminary phase such as land development as well as the
    infrastructure and feasibility studies on the second phase to be
    implemented in an area of 900 hectares.

    In addition, a hard currency component of $ 2.5 million has been
    invested in the free zone.

    A fund of 307.5 billion Rials has been allocated for developing Jolfa
    free trade zone in the budget for the current fiscal year by the free
    trade zones high council.

    With a population of 60,000, the city of Jolfa is located to the
    northwest of the provincial capital of Tabriz on the common border
    with the autonomous Republic of Nakhichevan and Armenia.

    Speaking at the ceremony, Khatami reiterated that his government
    would continue to support the development of free trade zones such as
    the Jolfa FTZ.
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