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Geshm. A bright
outlook onto active and exuberant iranian island on
persian gulf.
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Qeshm island, lying the length of the
strait of Hormoz, enjoys an exceptional location between
the Persian Gulf and the Indian Ocean such that vessels
bound for all riverian states (Iran, Iraq, Kuwait, Saudi
Arabia, Bahrain, Qatar, United Arab Emirates and Oman)
are obliged to pass within proximity of its southern
shores and all east and west bound air-traffic to pass
through its air space. The island, by all definitions,
is the gateway to the Persian Gulf. Qeshm thus stands
watch over the channel through which the bulk of the
world's oil and gas has always and shall, for the next
100 years, be transported.
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| Business Environment: |
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QFA offers the security and the environment
generally sought by the international business community.
Such environment takes the form of incentives consisting
of availability of natural gas at very competitive prices,
a wide range of tax concessions and beneficial financial
and currency arrangement. The Free Area's laws formally
contemplate provision of a tax holiday by the authority
and unrestricted circulation and convertibility of any
amount of foreign currency and capital. The regulations
also formally prohibit all forms of confiscation and
expropriation of property rights and provide for the
establishment of a mutually agreed court or an independent
forum possessing the characteristics expected of an
international arbitration tribunal to consider financial
and trade disputes arising between the FREE AREA'S licensees
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Development
Plans of QFA:
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Largely neglected to date, Qeshm island
remains in a state of chronic under development. However,
the government of the Islamic Republic of Iran has decided
to optimize the important inherent comparative advantages
of the island in order to allow it to contribute towards
the economic reconstruction of the country which is
the government's main objective for the 1990s.
The authority's economic,
financial and infrastructural plans will be implemented
with a view to bringing about the orderly overall development
of the FREE AREA and the realization of its comparative
advantages (strategic geographic location as a major
center for industrial, financial and commercial activities,
serving the Persian Gulf and eastern hemisphere markets,
abundant energy resources, access to a large labour
pool, advantageous fiscal and economic environment,
etc.). At the same time, banking and insurance are to
be developed to provide the necessary financial services
to businesses established in the FREE AREA.
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Investment
in QFA:
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The transformation of Qeshm island
into a FREE AREA is creating immense opportunities for
the establishment of all types of economic activities.
An important step in this direction has been taken with
the recent conclusion of several protocols, leading
to joint venture agreements between major corporations
and Iranian partners. Through optimal utilization of
its multiple comparative advantages, Qeshm island is
poised to become the major industrial pole of the region.
This transformation shall inevitably come to bear on
and expand economic relations with the industrialized
countries and bring about, in its wake, immense and
varied economic advantages to all concerned. QFA encourages
the establishment of industries, promotes the creation
of joint ventures and provides full protection for all
investments.
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