Tehran: The trade balance of Aras Free Trade Zone (FTZ), located in Iran’s northwestern East Azerbaijan Province, was reported at $260 million during the first nine months of the Iranian calendar year, as stated by the chairman of the board of directors and the CEO of Aras Free Zone Organization.

According to Islamic Republic News Agency, Hadi Moghadamzadeh noted that the Aras FTZ achieved a positive trade balance, with $441 million in exports and $181 million in imports. This illustrates the region’s production vitality and economic infrastructure strengthening. He highlighted a 320% increase in domestic investment so far this year, signifying investor confidence and the Aras Free Zone Organization’s effective role in economic and trade development.

Moghadamzadeh also mentioned an unprecedented increase in foreign investment, which surged by 447% to $148 million, compared to $27 million in the same period last year. Discussing production levels in the Aras FTZ, he noted that production reached 395,000 billion rials, showing a growth of 169% compared to the previous year.

The establishment of free trade zones in Iran began in 1989, following a decline in the country’s oil income, which led the government to encourage non-oil exports.