Armenia plans to set up a free economic zone in the town of Meghri, on its border with Iran are taking a step forward this week. A proposal to set up a new company to manage the zone will be considered tomorrow at the weekly meeting of the cabinet of Ministers chaired by Prime Minister Karen Karapetyan. Construction work on the Meghri free trade zone kicked off in 2017
Armenpress news agency reports that according to the documents attached to the cabinet proposal, once operational, the zone is expected to host 120 companies with an expected investment of 350-400 million USD. It is expected to create over 2500 new jobs, while average annual exports are expected to reach 80-100 million USD.
The Meghri Free economic zone seeks to exploit Armenia's membership of the Eurasia Economic Union (EEAU), as well as Armenia's close relationship and geographical proximity with Iran, to turn Armenia into an important economic link between the EEAU and the Islamic Republic.
On Saturday (5 August), Armenian president Serzh Sargsyan will pay an official visit to Tehran where he is expected to meet with president Rohani and other Iranian officials. Speaking on the eve of the visit, president Sargsyan, in an interview with the Iranian news agency IRNA hailed relations between the two countries. President Sargsyan said that Armenia and Iran have no political problems with each other or any other limitation to hinder their relations.
source: commonspace.eu with Armenpress news agency
photo: The town of Meghri on the Armenian-Iranian border (archive picture)
"Armenia will focus on the expansion of economic cooperation in the BSEC region, and will promote the agenda through existing mechanisms in the upcoming six months", Foreign Minister Nalbandian told the organisation's Ministerial Council at its meeting in Kiev.