Armenia opens free economic zone on border with Iran

Armenia opened a free economic zone in Meghri, which is on the border with Iran.

Armenia's prime minister Karen Karapetyan and a number of officials, attended the opening ceremony. 

The country's economic development and investments minister, Syren Karayan, stressing the importance of the event, said that the economic zone will contribute to the country’s balanced territorial development and enhancement of the national economy’s competitiveness.  

According to him, the zone will also attract foreign investments. 

"The creation of this economic zone is also important for it is opened on the border with Iran, and this will give an additional impetus to development of trade and economic relations between the two countries, attracting companies with Iranian capital and strengthening the cooperation," Arka.am cited Karayan as saying. 

The minister also said that unlike the two already existing economic zones, Meghri will embrace a wide range of the segments of the economy, including agriculture, processing industry, trade, logistics, storage economy and tourism. 

Meghri free economic zone has been created on the Armenian government’s initiative. 

About 50-70 foreign companies will be hosted by the free economic zone, which are expected to invest a total of $100-120 million and 1,500 new jobs will be created here.