Economy, Business And Markets

Chinese Steel Co. Eying Investment in Anzali

Chinese Steel Co. Eying Investment in AnzaliChinese Steel Co. Eying Investment in Anzali

Officials from a major steel company based in northwestern China currently visiting Anzali Free Trade Zone have expressed their readiness to invest in the site, the public relations of AFTZO said, IRNA reported on Tuesday.

Introducing the potential of the zone to the Chinese investors, head of the managing board and the CEO of AFTZO said “with an area of 9,400 hectares, the zone includes industrial, commercial, tourism and servicing sections, while its port has a capacity of an annual loading and unloading of 7 million metric tons of goods.”

Talking about the investment capabilities of the zone, Reza Masrour proposed that the Chinese side make use of the China-Kazakhstan-Iran corridor for exporting its goods.

“The advantages of the corridor include reduced transportation costs, as well as certain legal exemptions,” Masrour added.

The CEO of the Chinese company described the proposed corridor as an optimal route for transiting goods between the two countries. The Chinese company has a production capacity of 10 million tons of steel in a year, said the CEO of the company, adding that his organization is conducting negotiations with interested Iranian companies working in the field of transportation for export purposes. The zone is already hosting Chinese investors in the manufacturing and trade fields, said Masrour, adding thatthese investors are already making use of the opportunities offered in the zone.

 AFTZO Advantages

Foreign businesspeople who seek investment in Anzali can enjoy advantages like 20-year tax exemption from income and assets; 100 percent foreign ownership; unlimited investment for both Iranian and foreign nationals; full protection and guarantee of foreign investment; flexible banking and monetary system and foreign exchange laws; liberal import and export regulation; flexible and simplified labor employment regulations.

There are no tax duties for raw materials and machinery imported for manufacturing purposes in the zone. In addition, there are no time limitations for release of cargo in the zone.

Easy procedures for re-exported goods; larger discounts for ships entering the zone; quick registration procedures and intellectual ownership rights for items developed in the zone are among other benefits provided.

The zone imposes no limitations on cargo imports and exports, and there is also the possibility of cargo sales for foreign and Iranian nationals.  The zone provides land for investors in industrial, trade, tourism and service sections. It also provides modern equipment for loading, unloading and handling of cargo.

 OIETAI Keen to Support Foreign Investment

Another Chinese business delegation from Dongguan discussed the possibility of bilateral cooperation with Iran, in a meeting with Iranian officials from the Organization for Investment Economic and Technical Assistance of Iran (OIETAI)  

In the meeting, which was held at the headquarters of the Iran Chamber of Commerce, Industries, and Mines, the director general for the department of foreign investments said that his organization will offer full support for foreign investors coming to Iran.

Policies to support foreign investment include protection of investments against expropriation, the possibility of a free transfer and repatriation of capital and profits, no restrictions on the amount of capital and stakeholders, as well as facilitation requirements for visas, certification, working and living permits, according to Abolfazl Koude’i.