Over the past 2 years, a total of 180 manufacturing companies were founded in the Aras Free Trade & Industrial Zone of Iran. In 2012 the companies' exports (including the exports to Armenia) totaled $132 mln, Sadegh Najafi Khezerlou, Managing Director of Aras, said at the opening of the Armenian-Iranian business forum (July 15-18).
He thinks that Aras creates unprecedented opportunities for Armenian businessmen to manufacture, store, transit and re-export their goods to the Middle East countries.
Sadegh Najafi Khezerlou said that Aras occupies an area of 51 thsd ha in the territory bordering with Armenia, Turkey and Azerbaijan along the River Arax and in the area of North-South transport corridor connecting Iran and Armenia.
He added that foreign citizens have an opportunity to register in the zone a trade or manufacturing company with a 100% foreign capital within 24 hours. In addition, the goods produced in the zone are exempted from 50% VAT and customs duties if sold in the Iranian market. Duties are levied for the raw materials and components only. If the companies export their goods to other countries or sell them in other free trade zones of Iran, they are exempted from taxes and customs duties for 20-25 years. He added that the VAT preferences lead to 30-40% reduction in the prime cost of the goods produced there.
To note, the Aras Free Trade & Industrial Zone numbers 29 Iranian companies with a total capital of $121.5 mln, 5 Turkish companies with a total capital of $12.5 mln, 1 Azeri-Iranian company with a capital of $1 mln, and 2 Iranian-Turkish companies with a total capital of $3 mln.