ASTANA, Kazakhstan, February 24. Azerbaijan stands as the primary recipient of Iranian foreign investments in the Eurasian region, with a share of 91 percent of the total volume, amounting to $2.93 million, Trend reports via a report by the Eurasian Development Bank (EDB).
The report shines a light on the fact that since 2016, Iranian foreign direct investments (FDI) in Azerbaijan have more than doubled, painting a picture of steady growth in capital inflows.
EDB analysts also remind that since 2017, a project has been underway for the production of Khazar cars in Azerbaijan's Neftchala district. The "AzKron" automotive plant is part of a joint venture, "Azevrokar," in which 75 percent of the shares are owned by the "AzerMash" group. The remaining 25 percent is owned by Iran's largest car manufacturer, Iran Khodro, the report states.
Additionally, the EDB notes that by 2022, the volume of accumulated Azerbaijani FDI in Iran reached $3.3 million. By the first half of 2024, this volume increased to $8.3 million.
The document further elucidates that Azerbaijan is presently executing a singular investment initiative.
"The Azerbaijani ADY Express company is investing in the construction of a cargo terminal in the Iranian city of Astara. This project is expected to play a significant role in the development of the North-South Transnational Corridor (INSTC). The total project cost is estimated at $10 million," the bank's report reads.