A free economic zone will be established at the Armenian-Iranian border, Prime Minister Hovik Abrahamian said on Monday as he spoke to participants of a pan-Armenian youth camp, Baze-2016.

Abrahamian said the free economic zone will open a new opportunity for developing Armenia’s economy.

“During the latest meeting in Sochi of the prime ministers of the Eurasian Economic Union (EEU) member states, we agreed to create a free economic zone at the Armenian-Iranian border, in the Meghri area. This is a very important project, which opens up a new opportunity for the development of our economy,” said the head of the Armenian government as quoted by the Armenpress news agency.

According to the Armenian premier, this project is important in terms of provincial development. “This economic zone is opened in Meghri. You know that the development of provinces is one of our priorities, and the new free economic zone will largely stimulate the development of Meghri. New jobs will be created, new prospects will open up,” said Abrahamian.

He added that the project will also allow Iran to establish joint ventures with EEU member states in the free economic zone and start a duty-free export of goods to EEU countries.