The administration of Iranian President Hassan Rouhani has approved legislation allowing the transfer of land to foreign companies in the Araz Free Trade and Industrial Zone, which is located in the northwestern province of East Azarbaijan, Tehran Times daily reported on Thursday.

The decision was made to make it easier for foreign investors to set up businesses in the free trade zone, without the need to launch joint ventures with Iranian companies, according to the report.

The Araz Free Trade and Industrial Zone is located on the border with Azerbaijan, Armenia, and the Nakhchivan Autonomous

Republic which is an enclave of the Republic of Azerbaijan.

The countries of the former Soviet Union are potential markets for the export of Iranian non-oil products from the Araz

Free Trade and Industrial Zone.

Rouhani has asked the finance minister and the central bank governor to adopt policies to facilitate non-oil exports.

Bakudaily.Az