Economy, Domestic Economy

Iran, China to Set Up Industrial Town in Bam

Iran, China to Set Up Industrial Town in BamIran, China to Set Up Industrial Town in Bam

Iran and China are planning to set up a joint industrial town, in which auto parts will be manufactured, the deputy head of Iran Small Industries and Industrial Parks announced.

Reza Soleimani added that the town is to be established in Bam Special Economic Zone in Kerman Province.

“The idea was first floated in a meeting between the Minister of Industries, Mining and Trade, and his Chinese counterpart and a memorandum of understanding was signed in this regard," Soleimani was quoted as saying in the organization’s website.

Industrial towns or parks are areas for industrial use (as opposed to residential or commercial use). They may contain oil refineries, ports, warehouses, distribution centers, chemical plants, plastic manufacturers, airports, food and beverage producers and steel manufacturers, to name a few.

Some industrial parks offer incentives for businesses to locate there, such as tax exemptions.