Economy, Business And Markets

Call for More Banks in FTZs

Call for More Banks in FTZsCall for More Banks in FTZs

New commercial banks must be opened in free trade zones (FTZs) if we are to attract future investors, Managing Director of Aras Free Zone, Mohsen Khadem Arab-baghi, said on Sunday, IRNA reported.

“A maze of bureaucratic procedures governing the banks and banking facilities goes against the fundamentals on which the FTZs were basically founded,” he made the comments whilst speaking at a session with economists of the zone on Sunday.

The official said providing support for investors in free zones is the main strategy of the government, adding that support for new investors is the main aim of Aras free zone.

He added that the aim of establishing free zones around the country is to facilitate economic activities, but admitted that work in this area has been slow.

When questioned on the increase in prices of land in Aras Free Zone, he said that those prices were not approved and that they would seek to revise the current inflated prices, to a more acceptable figure.

“Support and protection of investment is among our main duties and in dealing with such an important task we need to cooperate with local people who should take serious measures for investment in the greater Aras area.”

There have so far been numerous calls for banking reform in the FTZs and SEZs. On November 23, Iran’s Money and Credit Council (MCC) announced that international banking regulations will be applied in Iran’s free trade and special economic zones.