Baku, Azerbaijan, Aug. 7
Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and the Organization for Investment, Economic and Technical Assistance of Iran signed a memorandum of understanding.
The memorandum was signed as part of the Azerbaijani-Iranian business forum held in Baku on Aug. 7.
"The existing trade relations do not correspond to the potential of the two countries," Azerbaijani Minister of Economy and Industry Shahin Mustafayev said during the business-forum. "We believe that there are great opportunities and this potential must be used."
"In this regard, Azerbaijan and Iran reached an agreement on the preparation of the list of exchanging the information on the exported products," he said. "This will help to determine the products necessary for both countries in advance. This will increase the efficiency of export-import operations."
"The Confederation of Entrepreneurs of Azerbaijan and Iran's Chamber of Commerce agreed to establish a working group," he said. "It will prepare a list of necessary products and submit it to both governments, as well as reveal existing problems in this area."
As of 2013, the trade turnover between Azerbaijan and Iran increased by seven percent.
"The cooperation of the countries in the investment area also has a special significance," he said. "Iran and Azerbaijan have broad opportunities in this area. The investment opportunities between the two countries will be presented as part of the business forum."
The minister also highlighted the potential for cooperation in the fields of energy, oil and gas, tourism, communications and high-technologies, banking sector. He urged to intensify and pay special attention to the establishment of cooperation in these areas.
Iran's investments in fixed assets in Azerbaijan today are $382 million, of which $ 105 million was invested in the non-oil sector of the economy. The total volume of Iranian investments in fixed assets in 2013 is $158 million.