Baku, Azerbaijan, March 27
By Ilkin Shafiyev– Trend:
Iranian President Hassan Rouhani's visit to Azerbaijan will open up new opportunities for expanding economic ties between the two countries and developing bilateral investment cooperation, Chairman of the Center for Azerbaijan's Economic and Social Development, expert Vugar Bayramov told Trend on March 27.
"Presently, one of the main tasks is to expand bilateral trade, which still not meets the interests of the parties. Today, Iran is a major investor in the non-oil sector of Azerbaijan's economy, particularly, in the field of pharmaceuticals, automobile industry, where certain projects are being realized," Bayramov said, adding that Iranian companies are also interested in cooperation in the banking sector and in the service sector.
The expert further noted importance of the implementation of the North-South railway project, which is designed to unite Northern Europe with South-East Asia.
"The implementation of the North-South project positively affects the cooperation between Azerbaijan and Iran and their position in the region. This project contributes to the development of bilateral economic cooperation and increase in the volume of cargo transportation, which will lead to an increase in the transit revenues of both countries," Bayramov said.
Another priority area of the bilateral cooperation, according to the expert, is energy.
"Today, Iran's accession to the Southern Gas Corridor project is being discussed, and joint development of oil fields in the Caspian Sea is on the agenda," Bayramov said.
Rouhani will arrive in Azerbaijan with a two-day official visit on March 28. A number of documents on cooperation are expected to be signed during the visit. The Iranian president will also take part in the opening of an automobile plant in the Neftchala Industrial Zone and the Astara-Astara railway.
In 2017, the trade turnover between Azerbaijan and Iran amounted to $257 million, which is 16 percent more than in 2016. In January-February 2018, the trade turnover between Azerbaijan and Iran amounted to about $43 million.