Iran has turned its Persian Gulf Island of Qeshm into a free zone where foreigners need no visa for entering, an official announced.
Managing-Director of Qeshm Free Zone Ahmad Habibi said that foreign nationals can enter Qeshm without holding visa, adding that foreigners may extend their two-week stay in the free zone.
He underlined the importance of such facilities for attracting foreign investment, adding that foreign investors can make investment in Qeshm as much as they want and withdraw their capital whenever they wish so.
He pointed to tax exemption, value added of commodities and minimum customs tariffs for the import of authorized commodities as some of the concessions of investment and economic activities in Qeshm Free Zone.
In relevant remarks in July, an oil official informed that the National Iranian Oil Company (NIOC) was resolved to develop the oil and gas fields of Qeshm Island in Southern Iran to turn the island into an energy hub in 10 years.
Mohammad Hossein Daneshfar, a senior official at the Iranian Offshore Oil Company (IOOC), said that in addition to Hengam field which is currently the only field producing light oil in this region, Hormuz, Taftan and Tosan fields could also be developed.
He further added that the island was expected to produce over 12,000 megawatts of electricity if enough financing is provided given the vast reserves of natural gas around the island. The electricity would meet the energy need of power plants in the region for the next 30 years.
Daneshfar underlined Qeshm Island’s geo-energy position in the Persian Gulf region, and said that Iran will be able to export electricity to the neighboring countries, instead of gas in near future.
With 4 billion barrels of in-place oil reserves and 10 trillion cubic feet of natural gas reserves, Qeshm Island, the biggest island in the Persian Gulf, could turn into a new hub.