Economy, Domestic Economy

Envoys of 9 Countries Converge on Maku

Envoys of 9 Countries Converge on MakuEnvoys of 9 Countries Converge on Maku

The ambassadors of South Korea, the Philippines, Brunei, Indonesia, China, Vietnam, New Zealand, Thailand and North Korea to Iran visited Maku Free Trade Zone in West Azarbaijan Province on Tuesday to attend a conference aimed at attracting foreign investment.

With a size of 5,000 square kilometers, Maku, in the northwest of Iran, is the largest free trade zone in the country. Its adjacency to the Bazargan checkpoint on the Turkish border makes it an ideal trade gateway to Europe, according to FTZ›s Chief Executive Officer Hossein Forouzan.

Some $18 billion worth of goods are traded via Bazargan every year.

In a press conference on Monday, Forouzan said the administration of President Hassan Rouhani has allocated $50 million out of the current Iranian year›s (March 2016-17) budget to develop Maku.

Back in February, a multipurpose 12-hectare export terminal was inaugurated at the FTZ.

An airport is also under construction in the region, which according to Forouzan, is set to become operational within a month.