Foreign investors want to develop activity within Meghri free economic zone, the press office of the Armenian ministry of economic development and investments reports.

Suren Karayan, the economic development and investments minister, met with foreign investors, who said that this free economic zone is very attractive for investments.

The minister presented business opportunities and prospects of cooperation with Iran’s Araz free economic zone to investors.

The investors said the free economic zone in Armenia can connect Iran, the Eurasian Economic Union and the European Union.

They expressed willingness to invest money in two areas – industrial enterprises and entertainment services.

The free economic zone in the southern Armenian Meghri, near the border with Iran is estimated to cost $32 million, of which $28 million are capital expenditure. It is said to create 2,500 new jobs and increase Armenian exports by 30%.

According to the government, the main purpose of the free economic zone is to help boost trade and economic relations with Iran and other countries of the region, help the development of the southern Armenian province of Syunik, as well as position Armenia as a link between Iran and members of the Eurasian Economic Union (EEU) and Georgia.

About 120 foreign companies will be hosted by the free economic zone, which are expected to invest a total of $350-400 million.