MENA Business Reports
August 4, 2004

IRAN OPENS MAJOR FREE TRADE-INDUSTRIAL ZONE

Jolfa free trade-industrial zone was inaugurated in a ceremony
Tuesday attended by Iran’s President, Mohammad Khatami.

The main objectives of establishing Jolfa free trade zone are to
attract local and foreign investment, create jobs, promote export and
transit of goods through the zone as well as its economy.

According to IRIB, about 250 billion Rials has been invested in Jolfa
zone, of which the private sector contributed 150 billion Rials.

The remainder was provided by Omran Jolfa Co. in two phases including
the preliminary phase such as land development as well as the
infrastructure and feasibility studies on the second phase to be
implemented in an area of 900 hectares.

In addition, a hard currency component of $ 2.5 million has been
invested in the free zone.

A fund of 307.5 billion Rials has been allocated for developing Jolfa
free trade zone in the budget for the current fiscal year by the free
trade zones high council.

With a population of 60,000, the city of Jolfa is located to the
northwest of the provincial capital of Tabriz on the common border
with the autonomous Republic of Nakhichevan and Armenia.

Speaking at the ceremony, Khatami reiterated that his government
would continue to support the development of free trade zones such as
the Jolfa FTZ.