Iran to Open New Free Trade Zone in Maku

Iran to Open New Free Trade Zone in Maku1

Iran to Open New Free Trade Zone in Maku

Iran’s Customs Administration Director Abbas Memarnejad announced on Sunday that Iranian government is going to open a new free trade zone in Maku city. Maku is situated 22 kilometers (14 mi) from the Turkish border in a mountain gorge at an altitude of 1634 meters.

“The Ministry of Commerce of Iran in partnership with Customs Administration is working on a proposal about opening new free trade zone in the city of Maku. Currently, Bazargan is the only Iranian ground border for trading between Turkish and Iranian businessmen.” Abbas Memarnejad said during a live interview broadcasted by state television.

“By opening a new free trade zone in this area, both countries can take advantage of better economic relationships. Also Iranian and Turkish private-held companies will be able to invest jointly in Maku. Consequently, these actions will fortify the current relations between Iran and Turkey.” Abbas Memarnejad concluded.

During the recent years, Iran has increased its economic ties with the neighboring country, Turkey. The United States government and its European allies have imposed several rounds of sanctions on Iran’s economy. Because of the same reason, Iran is only able to trade with a limited number of countries including Turkey, India, Pakistan and China.

It’s good to know that Maku is 939 km from Tehran and located at mountainous region. According to the 2006 census, the city has a population of 41,865. The common languages in Maku are Azerbaijani followed by Kurdish. According to Iranian commerce laws, all goods imported into the Zones are exempt from customs duties and commercial benefit tax.

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