Details added (first version posted on 13:48)
Baku, Azerbaijan, Feb. 25
By Anvar Mammadov - Trend:
Azerbaijan and Iran have great potential in development of relations in non-oil sector, Deputy Minister of Economy of Azerbaijan Sahil Babayev said Feb. 25.
He made the remarks at the Azerbaijani-Iranian business forum.
Babayev said that the volume of Iranian investments in Azerbaijan's economy is nearly $1.2 billion, most part of which is invested in the oil sector.
"The volume of Iranian investments in non-oil sector of Azerbaijan is only $150 million," he said. "That's why I would like to note that our countries have great potential for development of non-oil relations."
The deputy minister said that relations between Azerbaijan and Iran have entered a new stage over the last two years.
"Our relations have reached the level of strategic partnership," Babayev said. "More than 430 companies with Iranian capital now operate in Azerbaijan, but at the same time it should be noted that in other countries, their number reaches several thousands. This means that there are areas where development is necessary."
He noted that the priority areas in the development of relations are agriculture, industry, tourism, ICT, as well as transit freight transportation.