(MENAFN) According to reports from an Iranian news agency, Iran and other member states of the Economic Cooperation Organization (ECO) are set to sign a memorandum of understanding (MOU) aimed at establishing a logistics village. This initiative, as detailed by the head of Maku Free Zone, will see the construction of the logistics village within Iran's Maku Free Zone. The project is slated to occupy a land area of 1,820 hectares and will be developed in collaboration with ECO member states.
Hossein Garousi, the head of Maku Free Zone, highlighted that alongside the logistics village project, the construction of the first Iranian Knowledge-Based Economy Town is also underway. Additionally, he revealed plans for the inauguration of a transportation route named ECO Road, which forms part of the larger International East-West Transport Corridor. This logistics road, referred to as "ECO Road," is expected to become operational in the near future, further enhancing connectivity and trade facilitation within the region.
Garousi emphasized the significance of Iran's geographic position, noting that the country shares borders with five ECO member countries, including Turkey. He underscored the mutual interest among ECO member states to collaborate with Iran across various sectors, including logistics, tourism, and exports. The Economic Cooperation Organization, founded in 1985 in Tehran by the leaders of Iran, Pakistan, and Turkey, serves as an important platform for fostering economic and political cooperation among its member states.
In terms of trade relations, Iran's commerce with ECO member countries has witnessed positive growth, reaching approximately USD10.2 billion during the first seven months of the current Iranian calendar year. This represents a 4.5 percent increase compared to the corresponding period in the previous year, reflecting the ongoing commitment to strengthening economic ties within the ECO region.
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