Bylaw to set up foreign bank in free zones compiled

TEHRAN, Mar. 10 (MNA) – Secretary of Supreme Council of Free Trade and Industrial Zones Morteza Bank revealed the completion of formulation of bylaw to launch foreign banks in free zones and forwarding it to the Council of Economy.

Speaking in a get-together meeting in the presence of directors of free zones, held at the venue of Imam Khomeini International Airport (IKIA), he said, “this expert-level meeting is being held for exchanging experiences of senior managers in the free zones.”

"These expert-level meetings will be held once every two weeks in one of free trade and industrial zones in order to set up a vast coordination between free trade and industrial zones", he said, adding, “the first meeting was held in Qeshm Free Zone two weeks ago while IKIA is hosting the second meeting.”

Chief executives and deputies of free trade and industrial zones as well as members of Supreme Council of Free Zones will be familiarized with the physical progress of every zone independently, Morteza Bank highlighted.

It seems that economic activities will merely be created within the framework of free and healthy competition, he said, adding, “free zones have been considered for doing economic, trade and industrial activities.”

The Iranian President's advisor added, “with the coordination made in this regard, we have tried to allocate a special share of $30 billion foreign finance for free trade and industrial zones. It is natural that executive stage of any economic activity strictly hinges on the investment.”

After a landmark nuclear deal inked between Iran and six world’s major powers (the five permanent members of UN Security Council plus Germany), Turkey, China, Italy, South Korea and France invested in Iranian free zones within the framework of Small- and Medium-Sized Enterprises (SMEs).”

According to him the investment approved for free zones in the recent four years is $4.5 billion, $900 million of which has been put into operation.

The concessions considered in free zones for economic activities will be exerted in these zones strictly, the most important of which include tax breaks and customs duties for 20 years, transit permission of foreign nationals in free and economic zones, etc.

In conclusion, Secretary of Supreme Council of Free Trade and Industrial Zones Morteza Bank said, “after management change in Imam Khomeini International Airport, an integrated and consolidated relationship has been established between Supreme Council of Free Zones and Imam Khomeini International Airport (IKIA).”

MA/4247578

News Code 132718

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