Armenia to Set Up Meghri FTZ on Iranian Border

The Armenian government approved a bill on March 30 to establish a free trade zone near the country’s border with Iran.

Meghri Free Trade Zone will be set up in Syunik Province near Iran’s border and along Aras River over an area of 32 hectares, the Armenian government said.

The Armenian government will invest over $3 million in the first year for setting up Meghri Free Zone. Some 120 foreign investors will invest between $350 million and $400 million to increase the value of exports in the region to $100 million in a year and also to create 2,500 jobs, IRNA reported.