On August 25, an exhibition showcasing the products offered by Armenian and Iranian companies in the fields of agriculture, manufacturing and tourism opened in Yerevan with the purpose of boosting bilateral trade between Armenia and Iran.

Hojjatollah Abdolmaleki, the Secretary of the Supreme Council of Free Trade-Industrial and Special Economic Zones of Iran and presidential advisor was personally leading a delegation to Armenia and attended the event.

Armenia’s commercial attaché to Iran Vardan Kostanyan told ARMENPRESS that both sides are seeking new opportunities to further develop trade. The two countries plan to increase bilateral trade to 1 billion dollars, and then to 3 billion dollars.

Kostanyan said that Iran plans to open eight new free economic zones, bringing the number of its FEZs to 15.

“We are now looking into the untapped potential and opportunities to utilize them in bilateral cooperation. On the other hand, our neighbor is still under sanctions, therefore while carrying out economic policy we are unconditionally taking into consideration this fact. Iran provides state support and protection to companies investing in its economy,” Kostanyan said. He highlighted direct meetings between business representatives.

“Armenia and Iran attach great importance to the prospect of carrying out shipments through the Persian Gulf-Black Sea logistic route, and the Armenian side is maximally seeking to support the implementation of this megaproject, attaching great importance to the use of its own territory. The option of exporting Armenian goods through Iranian territory to Arab countries and India is also under discussion, and in this context the parties have decided to find solutions through joint efforts, and simplify the procedures applied from both sides on that road,” Kostanyan said.

Armenia’s membership to the EEU and its land border with Iran gives opportunities for establishing enterprises and carrying out broad joint projects, he said.