More than $3 billion were invested by the private sector in Aras Free Trade and Industrial Zone during the first half of the current Iranian year (started March 21), said the managing director of FTZ, Mohsen Khadem Arab-Baghi, on Tuesday. According to the official, investors take advantage of various incentives, including skilled workforce and cheap energy and storage costs as well as 20-year tax exemption on import of raw materials and equipment and export of commodities produced inside the zone. He added that Aras is a visa-free trade zone where foreign investors can register firms with 100% ownership. Aras is located in northwest Iran and shares borders with Armenia, Azerbaijan and Nakhchivan Autonomous Republic.
