Economy, Business And Markets

Qeshm Welcomes Foreign Banks

Qeshm Welcomes Foreign BanksQeshm Welcomes Foreign Banks

The economic and investment deputy of Qeshm Free Trade Zone Organization has defended the plan that seeks to pave the way for foreign banks to open branches in Iran’s free trade zones, saying the approach was “essential” for the Iranian economy as it can help accelerate economic and industrial development in the zones and ease the flow of capital into the free-tax areas. Farzin Haqdel said Qeshm Island could soon be turned into an exports hub should foreign banks open branches there. “European countries can take this opportunity to establish firms there to manufacture products with cheap resources,” he said. “The products can then be exported to Asian markets as Qeshm has access to international waters,” he added.