On June 2, the Azerbaijani Minister of Economic Development Heydar Babayev received the delegation under the leadership of the Iranian Minister of Industry and Mining Alirza Tahmasibi. At the meeting, Babayev provided the guests with information about the microeconomic situation in the country, obtained success and the development prospects, Trend reports with reference to the Economic Development Ministry. Touching up on the economical cooperation of two countries, Babayev noted that in 1993-2005s, about $356m was invested into the Azerbaijani economy by the Iranian businessmen. According to Babayev, Azerbaijan Republic attaches a great importance to the cooperation with neighboring Iran. The amount of the mutual trade in the first quarter increased by 89,7% is estimated at $84,6m.
At the same time, Tahmasibi expressed the interest of Iran in the cooperation with Azerbaijan in the spheres such as the organization of the cement production in Azerbaijan. The volume of the cement production in Iran had become 80 million tones last year. Besides, Tahmasibi spoke about the large opportunities of cooperation in the sphere of production of the agricultural techniques (combines and tractors), installation of turbines for the electric power stations, metallurgy and etc. For this purpose, the Iranian minister offered to establish a Joint Investment Fund.
Welcoming this proposal, Babayev noted that for this purpose, a working group would be created at the ministry.
Within the program of the visit, the guests visited Shamakhi district to get familiar with the production process at the enterprise AZY-Samand LTD.