The newly-established free economic zone on the Iranian-Armenian border would boost bilateral trade between the two countries, said Iranian Ambassador to Armenia Kazem Sajjadi on Sunday, Xinhua reported.
“The launch of the Meghri Free Economic Zone will increase the trade turnover volumes between Armenia and Iran,” said the Iranian envoy.
Armenia launched Friday the free economic zone in its southernmost city of Meghri on the border with Iran.
The zone will house a range of companies in the spheres including agriculture, manufacturing, trade, cargo shipment, storage and tourism.
Companies operating in the zone will be exempt from profit tax, value-added tax, excise tax and customs fees, and pay only the income tax.