(IRAN.RU) - In a meeting between visiting Iranian Industries and Mine Minister Alireza Tahmasbi and Azerbaijan\'s Minister of Economic Development Heydar Babayev ways of expansion of economic cooperation between the two nations were reviewed, the Iranian embassy in Baku reported here Saturday.
The Iranian official said in line with Iran foreign policy of cordial relation with its neighbors, Tehran is ready to bolster relations in all areas with Azerbaijan, reports Trend.
Tahmasbi added that among the potential projects discussed in his meeting with the Azeri president is joint construction of a tractor assembly line in Azerbaijan.
He said the Iranian-built \'Samand\' automobile assembly line is a successful model for other joint projects.
"Another area of potential cooperation is a joint cement factory in which Iran has ample expertise,\" Tahmasbi said.
The Azeri official said the two nations have growing political and economic relations.
The bilateral trade stood at dlrs 90 million in the first four months of 2006, which is 89 percent higher compared to the same period last year, he added.
Babayev further lamented that the figure is not adequate relative to the two nations\' investment and industrial potentials.
He said that Azarbaijan needs cement saying that he has been in contact with
Azeri president on the feasibility of building a joint cement production factory with Iran.
Tehran-Baku trade exchange has increased sixfold since 1998 reaching close to about dlrs 600 million annually.
Babayev said he expects the bilateral trade volume to increase to dlrs one billion annually in the near future.
He also said that various development and electricity projects underway by the Iranian experts will strengthen overall relations between the two nations.
"The two nations are also reviewing gas transportation to Azerbaijan and its transit to other nations including Europe,\" he said.
Babyev added imports of natural gas from Iran are economically justifiable for Azerbaijan.
He also said establishing a transportation corridor for import and transit of natural gas from Iran is important for Azerbaijan.
"We are ready to provide all assistance in this regard,\" the Azeri official underlined.
A natural gas swap contract between Iran and the Azerbaijan Republic was signed by former Iranian president Mohammad Khatami and Azerbaijan President Ilham Aliyev in August 2004.
Aliyev here Friday evening expressed his satisfaction with Tehran-Baku \"excellent\" political relations, but called for for further exchange of experiences in the industrial and economic fields.
During a meeting with Tahmasbi, he stressed that upgrading of Baku\'s economic and industrial infrastructures would need Iran\'s assistance.
Referring to the cultural, historical and religious commonalities of the two nations, he called for further bolstering of bilateral relations in all fields.
On Iran's latest success in the nuclear field, Aliyev expressed support for Iran\'s peaceful use of nuclear technology.
For his part, the Iranian minister said the Islamic Republic of Iran had always supported the independence of the Azeri Republic.