In a bid to attract foreign investors and raise funds for implementing domestic development projects, a "financial free zone" will be created on Kish Island, Presidential Advisor Akbar Torkan said on Tuesday.
Kish Island is a free trade zone located west of the Persian Gulf's Strait of Hormuz, through which about 20% of the world's petroleum and about 35% of the petroleum traded by sea passes.
Torkan, who is also the secretary of Free Zones High Council, added that the administration has a preference for direct investment as opposed to portfolio investment as that would lead to transfer of technology and expertise to Iran and boost productivity.
"When foreign banks open branches in Kish, we will have the prerequisite for attracting investors," IRNA quoted Torkan as saying at the "Kish Invex 2015".
Kish Island is hosting the "7th Invest Show" on Iran’s investment opportunities, and the "2nd EBEX", which is an international exhibition on exchange, banking, insurance and privatization–together dubbed "Kish Invex 2015".
Foreign companies and international investors from many countries, including England, Germany, Switzerland, France, China and Canada, are taking part in the event, which is to conclude on Nov. 12.
