President Hassan Rouhani inaugurated 20 industrial projects in Aras Free Trade and Industrial Zone located in West Azarbaijan Province via videoconference on Monday.
Investments worth 9,277 billion rials ($37.4 million) have been made by the private sector in these projects, which are expected to add 669 jobs, IRNA reported.
Situated in northwest Iran bordering Armenia, Azerbaijan and the semi-autonomous Nakhichevan region, Aras is the main gateway to Iran from the Commonwealth of Independent States.
These projects include Phase II of Azarabadgan Aras Steel Complex worth 2,550 billion rials ($10.28 million) with a production capacity of 70,000 tons of steel ingot, which have created 72 jobs.
Also, Phase I of Aras Media Shetab Electronic Company with a capacity of assembling 40,000 air-conditioners and 6,000 compression chillers was inaugurated. The project is worth 1,180 billion rials ($4.75 million) and currently employs 15.
Deniz tourist accommodation complex worth 1,120 billion rials ($4.51 million) constructed over an area of 16,800 square meters was also launched. It will create 144 jobs.
The production line of Aras Khodro Diesel Company’s automatic pick-ups with an annual capacity of 160 vehicles was also launched. Seventy jobs will be added, thanks to the investment of 1,040 billion rials ($4.19 million).
Speaking on Nov 12, 2020, Managing Director of Aras Free Trade and Industrial Zone described Aras as the safest and the most successful free zone in Iran, saying its $425-million positive trade balance over the last year prove this claim.
Mohsen Nariman referred to the presence of various industrial, production and agriculture companies in Aras Free Trade and Industrial Zone, saying Turkish and Azeri investors now welcome investment in this area.
He also pointed to the presence of 513 industrial and agricultural units, officials’ efforts with regard to exports indices, production, investment and employment as examples of materializing economy of resistance.