Iran, Azerbaijan sign MoU to develop economic co-op

Business Materials 19 January 2021 13:33 (UTC +04:00)
Iran, Azerbaijan sign MoU to develop economic co-op

BAKU, Azerbaijan, Jan.19


Iran's Minister of Economic Affairs Farhad Dejpasand and Azerbaijan's Deputy Prime Minister Shahin Mustafayev held talks within the 14th Iran-Azerbaijan Joint Economic Committee meeting, Trend reports citing Iran's Ministry of Economic Affairs and Finance News Center (SHADA).

Dejpasand and Mustafayev have signed a memorandum of understanding (MoU) for development of bilateral economic cooperation between the two countries.

"The MoU is based on pursuing the ongoing projects and finalizing the upcoming projects, as well as it includes the agreement on participation of Iran's private sector companies in the reconstruction of Azerbaijan regions," Dejpasand said.

He pointed out that Azerbaijan was one of the few countries that kept up good economic relations and communication with Iran during the peaks of the COVID-19 outbreak.

"As Iran used all its efforts during the crisis period, now we are ready for reconstruction of Azerbaijan's areas," he said.

"Iranian contractor companies have successfully constructed various dam, power plant, refinery, bridge projects across the world including Iraq, Afghanistan, Syria, Tajikistan, Sri Lanka, and Venezuela and now these companies are fully prepared to cooperate with the Republic of Azerbaijan," he said.

"The signed MoU could be a road map for economic relations," he said.

The official suggested formation of a joint committee to explain how Iran would participate in reconstruction of Azerbaijan's freed areas in recently liberated Karabakh and to provide services and required items and mechanism for bilateral cooperation.