Iran boosts infrastructure in duty-free zones with $330mln worth of projects

The Iranian government has launched dozens of infrastructure projects in its duty-free economic and trade zones as it seeks increased manufacturing and trade activity in those regions.

Using a video conference call from his office in Tehran on Monday, Iranian President Hassan Rouhani rolled out a total of 50 projects in Iranian free trade zones (FTZ) and special economic zones (SEZ).

The projects has cost over 80 trillion rials (over $330 million), said a report on Rouhani’s website, adding that the projects are scattered in six provinces in north and south of Iran.

Rouahni also ordered the start of works on 52 more projects in FTZs and SEZs in Iran, saying the administrative government in the country would earmark a total 640 trillion rials (over $2.6 billion) for those future projects in the upcoming years.

Iran has seven active FTZs where trade and manufacturing activity enjoys much lower taxes compared to the mainland. The government announced in early May that it had approved plans to launch seven new FTZs in the country.

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A powerful office in the Iranian presidency is in charge of all administrative and legal matters related to the FTZs and SEZs.

During the inauguration ceremony on Monday, Rouhani hailed the growing investment in duty-free zones in Iran in recent years, saying the presence of foreign investors in those regions is a sign the United States has failed in its efforts to isolate the country economically.

The Iranian president said future projects in FTZs would include setting up a major offshore bank and an international stock market in Kish, an island resort in the Persian Gulf and one of Iran’s largest FTZs.

Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.co.uk