An Italian economic delegation, including representatives of the country’s banks, heavy industries, oil and petrochemical sectors, visited Aras Free Trade Zone earlier this week to weigh up investment opportunities there. CEO of Aras FTZ Mohsen Khadem Arab-Baghi, in a meeting with the mission, referred to incentives offered to investors in the free zone, including cheap energy and storage costs as well as a 20-year tax exemption on import of raw materials and equipment, and export of commodities produced inside the zone. Aras is also a visa-free trade zone where foreign investors can register firms with 100% ownership. The free zone is located in northwest Iran and shares borders with Armenia, Azerbaijan and Nakhchivan Autonomous Republic.
