FNA- The Armenian government approved a bill for the establishment of a free trade zone near its common border with Iran along Aras River.

Meghri Free Trade Zone will be set in the vicinity of Iran�s border in an area of 32 hectares, the Armenian government said.

The Armenian government will invest over $3 million in the first year for setting up Meghri Free Zone.

Meghri is a town in Southern Armenia located in the Syunik province and near Iran's border along Aras River.

Some 120 foreign investors will invest between $350 to $400 million to increase the value of exports in the region to $ 100 million in a year and also to create job opportunities for over 2,500 workers.

In relevant remarks in late January, Head of Armenian Chamber of Commerce and Industries Martin Sarkisian underlined his country's willingness to benefit from the valuable experiences of Iran's private sector.

"The programs by Tehran and Yerevan to broaden cooperation in various fields such as energy indicate firm determination of the two countries to promote economic relations," Sarkisian said in a meeting with Head of Iran's Aras Free Trade Zone Mohsen Khadem Arab-Beigi.

He reiterated that given Armenian land borders with Iran, it can serve as a trade cooperation bridge between Iran and regional states.

Khadem Arab-Beigi, for his part, said that conditions are ripe for boosting ties, adding, "Border free zones can play a crucial role in the field."

The Iranian official also pointed to his two-day talks with Armenian Minister of Economic Development and Investment Suren Karayan, and expressed the hope that the relevant officials will facilitate presence of the private sector in various sectors to promote the value the two countries� trade.