Kish Island - Economy

Economy

See also: Economy of Iran, Communications in Iran, and Foreign Direct Investment in Iran

Since the mid-1990s the Iranian government has embarked on an aggressive promotional and developmental campaign to tailor Kish as a rival to Dubai but mainly a big rival to Doha. Steps taken in order to accomplish this include launching massive construction projects and programs designed to attract foreign investment and trade. Within the area of the Kish Free Zone, as it is known, the standard laws of the Islamic Republic of Iran are far more relaxed than on the mainland, which has resulted in significant increases in mostly domestic tourist population over the years, as well as in international trade on the island. The population of the island includes significant numbers of both Muslims and Christians. Kish Free Zone total foreign trade stands at around $9.2 billion per annum (2009). Fifteen percent of all imports to Iran are through Kish.

Investment incentives in Kish free trade zone include:

  • 15 years tax-exemption;
  • no entry visa requirement;
  • 100% foreign ownership possible;
  • flexible monetary & banking services;
  • extended legal guarantees & protection.

Besides the existing Iranian Oil Bourse, a new exchange, the Kish Stock Exchange was inaugurated in 2010 to facilitate foreign investment and monetary activities.

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