Domestic Economy

Exports From Aras FTZ Top $500m in Fiscal 2019-20

Exports From Aras FTZ Top $500m in Fiscal 2019-20
Exports From Aras FTZ Top $500m in Fiscal 2019-20

Exports form Aras Free Trade and Industrial Zone located in West Azarbaijan Province stood at $518 million during the last Iranian year (March 2019-20) to register a more than twofold (105%) jump compared with the previous year.
According to the CEO of FTZ Mohsen Nariman, Azerbaijan, Turkey, Russia, Iraq, Afghanistan, Georgia, Kyrgyzstan, Armenia, Kazakhstan and China were the main destinations for exports from Aras, IRNA reported.
Situated in northwest Iran bordering Armenia, Azerbaijan and the semi-autonomous Nakhichevan region, Aras is the main gateway to mainland Iran from the northern Commonwealth of Independent States.
A total of $17 billion worth of commodities were exported from Iran’s free trade and special economic zones during the last fiscal year, according to the secretary of the High Council for Free Trade and Special Economic Zones.
“Imports to these zones over the same period stood close to $5 billion. Some $5 billion worth of goods produced in free and special economic zones were shipped to the mainland,” Morteza Bank was quoted as saying by the Islamic Republic of Iran Broadcasting.
The official noted that the private sector invested 100 quadrillion rials ($510.2 million) in local currency plus an additional $200 million in free trade and special economic zones in the last fiscal year (ended March 19).
“Last year, around 36,000 jobs were created in these zones and plans are to increase this figure to 40,000 jobs this year,” he added.

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