Xinhua - Armenia is currently in negotiations with southern neighbor Iran over plans to establish a free economic zone in Meghri, a town in the country's southern region bordering Iran, Armenian Prime Minister Karen Karapetyan announced on Friday in Syunik.

"For year 2017, we have prepared an investment package of 830 million U.S. dollars," the prime minister announced. "55 million of these funds will be invested in Syunik's mining, agricultural and other industries," he added.

Prime Minister Karapetyan said that an exporting company would be founded jointly with the Iranian side, which would be purchasing products from the Armenian market and sell them in Iran.

Karapetyan's announcement came following the establishment of an Iranian halal meat certification office in Armenia. This is expected to create more incentives for the exports of Armenian meat products to Iran.