Azerbaijan ready to invest in Iran’s railway

Business Materials 5 April 2016 15:32 (UTC +04:00)

Baku, Azerbaijan, Apr. 5

By Farhad Daneshvar - Trend:

Azerbaijan's Foreign Minister Elmar Mammadyarov and his Iranian counterpart Mohammad Javad Zarif have discussed the expansion of bilateral ties, particularly in economy.

The FMs met in Iran's northern city of Ramsar Apr. 5.

During the meeting, the FMs pointed to the outcome of recent visits paid by high-ranking Iranian and Azerbaijani officials to both countries' capitals and touched upon a project for connecting Iran's railway to the railway of Azerbaijan, reports Mehr news agency.

Azerbaijani FM Mammadyarov voiced Baku's readiness to invest in the construction of the Rasht-Qazvin-Astara railway in Iran.

The Qazvin-Rasht-Astara railway is a part of the North-South transport corridor. Construction investments are estimated at $400 million.

Initial plans call for transporting 6 million tons of cargo through the corridor a year, which is expected to reach 15-20 million tons per year in the future.

Azerbaijan's President Ilham Aliyev visited Iran in late February, which took place on the invitation of Iran's President Hassan Rouhani.

The visit resulted in conclusion of documents covering various areas of cooperation between Tehran and Baku.