The Free Zone authority associated with the Finance Ministry declared on Monday (7th January, 2013), that it has plans of sending a convoy by the end of the January to Iran to have a discussion on the establishment of a joint free zone, stressing the significance of such a zone in promoting investment and diversifying the profits of the state.
A delegation from the free zone authority is about visit Iran on 25th January for negotiating setting up a joint free trade zone between the two countries destined for activities linked to services, trade and industry, stated Sabah Al Qaisi, the General Director of the authority in a statement issued on Monday. He stressed that the date was fixed soon after they received an invitation from the economic advisor of the Iranian Embassy in Iraq, who also visit the general authority of the free zones during last month.
Free zone authority expressed its decision saying it is ready to offer all kinds of support that is needed to ensure the success of the establishment of a joint free zone to practice activities related to services, trade and industry, added Al Qaisi, highlighting that a free zone plays a vital role in promoting investment, branching out the state’s profits and boosting the national economy up.
The general authority of free zone signed on December 8, 2012 an investment deal with a contracting company for building up a free zone destined for trade activities in Baghdad.
Iraq has 3 main free zones situated in Khor El Zubair, Al Basra province; in Fulaifil, Nineveh province and in Al Ka’im, Al Anbar province. Iraq also signed memorandums of understanding with neighboring countries on the commercial stage, a few of them of which specify the establishment of free trade zone on the border.
Source: [Al Sumaria]