Azeri Minister supports establishment of Azeri-Iranian investment company

Business Materials 9 June 2006 11:26 (UTC +04:00)

An idea on establishment of the Azerbaijani-Iranian investment fund is considered as interesting, Trend quoted Heydar Babayev, the Azerbaijani Minister for Economic Development.

The establishment of investment company and fund was initiated by the Minister for Industry and Mining, Alirza Tehmasebi during the meeting with Babayev in Baku on 2 June 2005

According to the Azerbaijani minister, the establishment of the company can be a priority and at present the issue is under consideration. Concrete proposals can be considered at the 7th meeting of the Azerbaijani-Iranian intergovernmental commission, to be held this year.

Over 1993-2005 Iranian businessmen have invested $356m in Azerbaijani economy. Iran gives priorities to the cooperation in the organization of cement production in Azerbaijan, manufacturing of agriculture technique (combines and tractors), installation of turbines for power stations and metallurgy. The Iranian Minister proposed to establish joint Investment Fund in this respect.