Iran’s investments to Azerbaijan reach $2.5B – minister (UPDATE)

Details added (first version posted on 13:42)

Neftchala, Azerbaijan, Aug. 6

By Azad Hasanli – Trend:

Relations between Azerbaijan and Iran have never been at such a high level as now, said Azerbaijan’s Economy Minister Shahin Mustafayev.

Mustafayev made the remarks Aug. 6 at a meeting dedicated to laying foundation for a joint car plant with Iran’s Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh.

He said Iran’s investments to Azerbaijan have reached $2.5 billion, including $150 million in non-oil sector.

The minister added that 450 companies on Iranian capital operate in the country.

Relations between the two countries have been developing successfully, in particular, over the past two years, encouraged by the political will of the presidents, he said.

Mustafayev noted that Iran is Azerbaijan’s important trade partner and the trade turnover between the two countries increased by 66 percent in 1H2016 as compared to January-June 2015.

He also said that both countries took important steps to promote cooperation in transportation, tourism, industry, energy, finance and others.

Mohammad Reza Nematzadeh, in turn, said that both countries have great potential for the development of economic cooperation and this potential should be used effectively.

The minister expressed satisfaction with the conditions created for entrepreneurs in Neftchala industrial quarter. He invited other Iranian companies to take advantage of these conditions.

Then, AzEuroCar LLC and Iran Khodro signed six documents covering licensing, distribution, installation of equipment, engineering and technical support, and other issues necessary for car production.

The documents were signed by the Head of AzEuroCar LLC Emin Akhundov and Director General of Iran Khodro Hashem Yeke Zare.

On the basis of a memorandum of understanding, signed Apr. 21, 2016, between AzEuroCar and Iran Khodro, the companies will build a joint car plant in Azerbaijan’s Neftchala industrial quarter.

Azerbaijani minister said the project’s total cost is $15 million, 25 percent of which will be provided by the Iranian side.

Head of AzEuroCar LLC Emin Akhundov told reporters that the plant will be built in an area of 10 hectares.

At the first stage the plant will provide jobs for 300 people and at the second stage the number of employees will rise up to 500, added Akhundov.

He also noted that 20 percent of the produced cars will be exported. The cars produced at the plant will meet Euro 5 standard.

Four Iranian car brands of Dena, Runna, Soren and Samand will be produced at the new plant, which will have a capacity of 10,000 cars a year.

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