TEHRAN- Arvand Free Trade Zone in Iran’s southwestern province of Khuzestan attracted $48.5 million of foreign investment during the first six months of the current Iranian calendar year (March 20-September 21), a local official announced.

Seyed Ali Mousavi, the deputy head of Arvand Free Zone Organization for investment and economic affairs, underscored that the zone managed to attract this amount of foreign investment despite all existing limitations due to the U.S. sanctions and also coronavirus pandemic.

Earlier this month, Finance and Economic Affairs Minister Farhad Dejpasand announced that Iran attracted over $3.8 billion of foreign investment during the first half of the current year.

The minister said that attracting this amount of foreign investment indicates the proper performance of the Organization for Investment, Economic and Technical Assistance of Iran.

Arvand is one of the seven major free trade zones of Iran.

The zone with an area of 37,400 hectares is in the northwest of the Persian Gulf, including the cities of Abadan, Khorramshahr and Minushahr (Minu Island). It is located at the confluence of Arvand and Karun rivers. The region is in the neighborhood of Iraq and Kuwait.

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