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The Government of Armenian approved at a meeting on Thursday the decision proposed by Armenia’s Ministry of Economic Development and Investments to establish Meghri Free Economic Zone CJSC, the ministry’s press service told Panorama.am.

The establishment of the company aims to facilitate the launch of the free economic zone, to provide maximum coverage of the zone’s potential, as well as to attract foreign investments.

The construction of a free economic zone at Armenia’s southern Syunik Province, in the area bordering Islamic Republic of Iran, launched at the early 2017.

Being a EAEU member, having a privileged trade regime with the EU and sharing border with Iran, with attractive business and investment environment set by international standards, Armenia can attract strong interest for organizing export-oriented production in Armenia, as well as using commercial and logistic opportunities due to the country’s geographical position in case of establishing free economic zone with Iran.

The construction of the economic zone features several stages. At the first stage, it is planned to construct the area near the Meghri customs checkpoint, thus ensuring the main production and storage areas, which will make the products manufactured in the zone more competitive to find their way into other markets (namely the Iranian market). This will become a platform for strengthening West-East and North-South ties.