Iran is set to open a large trade centre in Yerevan, the capital of Armenia, on October 1, officials announced on September 19.

The 18,000-square-metre facility, designed in partnership with Iran's Trade Promotion Organisation (TPO), will be the first foreign-owned trade centre in the Armenian capital and part of Iran's outreach efforts to regional markets to flog its wares. 

The new complex will feature an exhibition space with 107 pavilions and a conference hall for various sector representatives. It will also include areas designated for events such as festivals, meetings, and conferences.

“Pars Hilal Caspian Company, as a private company, with official permission from the Trade Promotion Organization of the Islamic Republic of Iran, established Iran’s trade centre in Armenia on a land of over 18,000 square meters to develop business relations and benefit from the capacity of the powerful private sector to achieve the country’s export goals in one of the best business locations,” the trade centre wrote.

Businesses on display include Iran Tobacco Company, IKCO, the national car producer, Tehran-based Mihan Ice Cream and a host of other local producers from the domestic Iranian market.

Iran's Minister of Industry and representatives from the country's business community are expected to attend the opening ceremony on October 1.

The trade centre's establishment comes amid Iran's efforts to expand its economic influence in the region, particularly as it faces ongoing international sanctions.

Armenian officials have not yet commented on the potential economic impact of this new trade hub on local businesses or bilateral trade volumes.