TEHRAN – A Chinese company has signed a memorandum of understanding (MOU) with Iran’s Maku Free Zone Organization to invest $7.0 million in a power plant project to supply electricity for the zone’s startups and IT companies.

According to Head of Maku Free Zone Organization Hossein Garousi, the mentioned MOU is signed in line with the zone’s plans for becoming a smart city, Maku Free Zone portal reported.

“This zone has the necessary hardware and software infrastructure to become a smart city,” Garousi said.

Referring to the Mako Free Zone’s comprehensive plan as the main document for the development of the zone, he added that in this plan, smart logistics is considered as one of the main axes of the development of the zone.

Located in Iran’s northwestern province of West Azarbaijan, Maku is one of the seven major free zones of Iran; it has 140 kilometers of shared border with the Azerbaijan Republic and 130 kilometers of border with Turkey.

As Maku is among the most newly established and also the largest free zones of the country, there is a high need for the creation of infrastructure in this zone.

EF/MA