Baku, Azerbaijan, Feb. 23
By Azad Hasanli – Trend:
Iran’s giant automaker Iran Khodro plans to open four more car plants in Azerbaijan, the Azerbaijani Economy Minister Shahin Mustafayev said Feb. 23 at the Azerbaijan-Iran Business Forum in Urmia.
In 2016, Azerbaijan’s AzEuroCar LLC and Iran Khodro signed an agreement to create a joint car plant in the Neftchala Industrial Quarter. The plant with a capacity of about 10,000 cars per year will produce four Iranian car brands – Dena, Runna, Soren and Samand. The project is estimated to cost $15 million. The plant will produce its first cars in May 2017.
A delegation headed by Azerbaijan’s Economy Minister Shahin Mustafayev visited Iran to discuss expansion of cooperation in various areas.
“Currently, 538 companies with Iranian share operate in Azerbaijan,” Mustafayev said. “These companies have invested about $150 million in Azerbaijan.”
Mustafayev also noted that Azerbaijan and Iran intend to increase the bilateral trade to $500 million.
Last year, Azerbaijan’s trade turnover with Iran amounted to $210.76 million, which is 70 percent more than in 2015, according to the State Customs Committee of Azerbaijan.
Azerbaijan’s economy minister further noted that the two countries also plan to increase the number of flights between Baku and the Iranian cities of Tehran, Tabriz and Mashhad.