Iran invests nearly $1.2B in Azerbaijan's economy (UPDATE)
Details added (first version posted at 11:50)
Baku, Azerbaijan, Nov. 10
By Azad Hasanli – Trend:
Iranian investments in Azerbaijan's economy amounted to almost $1.2 billion, $145 million of which were invested in the country’s non-oil sector, Head of Azerbaijan Export and Investments Promotion Foundation (AZPROMO) Rufat Mammadov said.
He made the remarks Nov. 10 at the “Investment opportunities of Azerbaijan and Iran” conference in Baku.
He said that 450 companies with Iranian capital currently operate in Azerbaijan.
“We believe that we can increase the volume of mutual investments,” Mammadov said. “We have all the opportunities for that. In recent years, Azerbaijan has done significant work to improve the investment climate in the country, and nowadays we have concrete proposals for the Iranian investors. It is not just about investments for large companies but also for the small ones.”
The head of AZPROMO said that the relations between Azerbaijan and Iran are very sincere, and this opens up new opportunities for the development of trade and other ties.
“Iran and Azerbaijan are creating joint plants for production of cars and pharmaceuticals,” Mammadov said. “This in turn is an indicator of high confidence of Iranian investors in Azerbaijan. The country’s businessmen also actively operate in Iran and on the whole are very interested in this market.”
Baku is hosting the “Investment opportunities of Azerbaijan and Iran” conference. Over a hundred businessmen from the both sides operating in spheres of transport, energy, industry, health care, finance, ICT and tourism are taking part in the event.
The trade turnover between Azerbaijan and Iran amounted to $137.65 million in January-September 2016, more than $102 million of which fell on the import of Iranian goods, according to the State Customs Committee of Azerbaijan.