BAKU, Azerbaijan, October 16. Iran seeks to enhance trade relations with Azerbaijan by addressing banking issues, Iranian Minister of Economy and Finance Abdolnaser Hemmati said at a meeting with Azerbaijani Deputy Prime Minister Shahin Mustafayev in Tehran on October 15, Trend reports.
According to him, one of the stumbling blocks in the path of trade and economic relations between the two countries is tied to banking restrictions. Iran, in light of the ongoing sanctions, is well aware of the tightrope it has to walk regarding the limitations imposed by Azerbaijan. However, cutting through the red tape in some areas can pave the way for smoother trade relations between the two sides.
“The National Bank of Iran operates a branch in Azerbaijan. Should cooperation be feasible for both legal entities and persons, it could facilitate the equilibrium of commercial relations between the two nations,” he noted.
Azerbaijani Deputy Prime Minister Shahin Mustafayev reported during the meeting that the trade turnover between Azerbaijan and Iran reached $400 million over the first eight months of the current year. Notwithstanding the 28 percent rise in trade turnover between the two nations, numerous opportunities exist to enhance economic and trade collaboration.
Of the $400 million trade turnover between the two nations, $393 million constitutes the export of Iranian items to Azerbaijan. It is essential to implement measures to enhance economic and trade links between the two nations. Simultaneously, emphasis must be placed on the equilibrium of imports and exports between the two nations.
Mustafayev emphasized that Azerbaijan has registered approximately 2,500 companies. Currently, 1,600 of them are operating, and these companies have invested more than $5 billion in the economy of Azerbaijan. Azerbaijan's oil and gas sector has received the majority of these investments, with the Shah Deniz gas field accounting for about $3 billion. The Iranian company Niko has received a return of $6.3 billion as a result of its investments. Besides the main investments, the Iranian side received more than $2 billion.