Economy, Business And Markets

Investment in Arvand Up 150%

Investment in  Arvand Up 150%Investment in  Arvand Up 150%

T he value of investment activities in the Arvand Free Trade Zone (AFTZ) reached 1,970 billion rials ($73 million) in the first seven months of this year (ending March 21, 2015), showing an increase of 146 percent compared to the same period last year, the deputy head of the Arvand Free Trade Zone Organization said Tuesday.

Business activities led to creation of 1,846 jobs in the zone, showing a 186 percent increase, according to Abdollah Ka’bi. “The number of registered firms in the Arvand zone also increased from 105 to 386 firms, showing a 268 percent increase.”

Eighty-six manufacturing units are now operating in the zone, IRNA reported him as saying. Local officials have provided investors with tax exemptions, among other incentives, Ka’bi said, adding that the authorities are seeking to set up an aluminum factory in Abadan Industrial City, a site nearby. The feasibility study for the establishment of the aluminum unit has been already conducted, he said.

A steel company with a nominal capacity of 5 million tons per annum is also under construction in Khorramshahr Industrial City, another site in the vicinity of Arvand, the official noted.

The first phase of a project to build 15 kilometers of fence around the zone will soon begin, with a fund worth 130 billion rials. “The project will play a significant role in attracting domestic and foreign investors to the zone,” the official said.

The Arvand Free Trade Zone built in a 155 square kilometer includes industrial and security sites surrounding the southern cities of Khorramshahr, Abadan and Minoo Island.