Iran to develop transit hub for Asia-Europe trade

Iran is working to attract a share of the Asia-Europe goods transit by developing a free zone in its northwest, not least by completing a key rail route, an Iranian official said on Tuesday.

Hossein Garousi, head of the Maku Free Zone Organization, outlined the plan ahead of an international conference on economic development of the free zone, AFP reports.

Iran aims to handle some 150 billion U.S. dollars worth of goods transported from China to Europe via the Maku Free Zone annually, he said.

Garousi emphasized that an investment of 500 million dollars in the rail route would enable the transport of 15-20 million tons of goods annually by train.