Economy, Business And Markets

Chinese Investment for Salmas SEZ

Chinese Investment for Salmas SEZChinese Investment for Salmas SEZ

As many as 20 Chinese companies will invest $150 million in Salmas Special Economic Zone, located in West Azarbaijan, according to the head of the province’s Investment Services Center, Mohammad Mousazadeh. Representatives of Chinese businesses visited the SEZ on Saturday to assess investment opportunities, IRNA reported. Investments will be made in three stages, the first of which, according to the representatives of China’s SMI Company, will take place in January 2016. Chinese companies will fund projects in textile, information technology, mining and auto sectors as well as production of fertilizers and construction materials. Salmas is an under-construction SEZ that is planned to be completed in three phases. Construction of the first phase in 187,000 hectares of area will be completed by the end of the current Iranian year (March 19, 2016). Upon its completion, according to experts, Salmas could turn into a strategic economic hub in northwestern regions, due to its proximity to airports of Urmia and Tabriz, the capital cities of West and East Azarbaijan provinces respectively. The SEZ also has access to railroads and is close to Jolfa, Bazargan, Razi and Sarz border crossings.