YEREVAN, AUGUST 25, ARMENPRESS. An exhibition showcasing the products offered by Armenian and Iranian companies in the fields of agriculture, manufacturing and tourism opened in Yerevan on Friday with the purpose of boosting bilateral trade between Armenia and Iran.

60 Iranian and 50 Armenian companies operating in 7 free trade zones of Iran are represented at the three-day exhibition.

Photos by Hayk Manukyan

Armenian Minister of Economy Vahan Kerobyan and Iranian Ambassador to Armenia Mehdi Sobhani personally attended the opening of the exhibition.

Kerobyan said that the event will enable investors from both countries to discover the opportunities.

“Although trade turnover between Armenia and Iran doubled in the past two years, the pace of growth is slowing down, and we must find new opportunities to bring bilateral turnover to the target which was outlined by the leaders of the two countries, which is 3 billion dollars. We are now at a pace of about 800 million dollars,” Kerobyan said, adding that cooperation through free trade zones will boost bilateral trade turnover.

Kerobyan said that Iranians are the second major foreign investors in Armenia, behind only Russians. Approximately 300 Iranian companies opened in Armenia in the first half of 2023 alone. The Armenian economy minister lauded the pace but said that there are opportunities to increase it.

Mentioning the temporary free trade agreement between the EEU and Iran, which will be signed in a final version soon, Kerobyan said that Armenia is highly interested in the signing of the agreement. “Armenia, being the only land connection between Iran and the EEU, is highly interested in the signing of this agreement, which should allow Armenia’s role for Iran and the EEU to expand,” he said.

Ambassador of Iran to Armenia Mehdi Sobhani said Iran has a principled policy of developing relations with Armenia in all sectors.

“Iran and Armenia have never had any problems in any sector or level,” he said. Free trade zones have a big role in developing trade ties and the exhibition will contribute to diversification of bilateral relations, he added.

Hojjatollah Abdolmaleki, the Secretary of the Supreme Council of Free Trade-Industrial and Special Economic Zones of Iran and presidential advisor, said that this is the first event where 7 free zones are represented.

Abdolmaleki pointed out a number of advantages offered by the Iranian free zones, such as the presence of developed infrastructures, opportunity to establish contacts with various markets, customs privileges and others. The free zones have investors from China, Russia, Australia, Belgium, Iraq, Armenia and the UAE. He said that making investments in Iran’s free zones is profitable.