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02-05-23

Maku Free Trade Zone in Iran Sees USD234M in Exports in 2021

(MENAFN) In the past Iranian calendar year 1401, the Maku Free Trade Zone in Iran's northwestern province of West Azarbaijan saw a significant increase in export activity, with services and commodities valued at $234 million leaving the zone. The commercial director of the Maku Free Trade Zone Organization, Ali Qanbari, announced that services worth more than USD223 million were exported, along with USD10.68 million worth of commodities.

Maku is one of the largest free zones in Iran, with 140 kilometers of border with Azerbaijan Republic and 130 kilometers of border with Turkey. However, as one of the most recently established free zones in the country, there is a high need for the creation of infrastructures in this zone.

The establishment of free trade zones (FTZs) in Iran dates back to the Iranian calendar year 1368, in response to the fall in the country's oil income in the preceding year. The government recognized the need to promote non-oil exports, leading to the establishment of the first two free trade zones in the south of the country. The Kish Free Trade Zone was established in 1368 on Kish Island in the Persian Gulf, followed by the Qeshm Free Trade Zone in the year after on Qeshm Island in the Strait of Hormuz.

Overall, the growth of free trade zones in Iran has had a significant impact on the country's economy, allowing for increased export activity and the promotion of non-oil exports. With the success of the Maku Free Trade Zone, there is potential for further growth and development in this region, providing greater economic opportunities for both Iran and its neighboring countries.
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