Iran urges for triple hike in trade with Azerbaijan (exclusive)

Business Materials 20 September 2016 12:49 (UTC +04:00)

Baku, Azerbaijan, Sept. 20

By Farhad Daneshvar – Trend:

An Iranian senior official has called for increasing the volume of trade turnover with Azerbaijan by at least 300 percent over the next year.

Hossin Esfahbodi, an Iranian deputy minister of industry, mine and trade, told Trend that the volume of trade turnover between the two countries currently stands at about $100 million but it must increase considerably.

Elaborating on existing trade capacities between the two countries, the deputy minister said that the current level of turnover is not satisfactory and it must surpass $300 million over the next year.

Esfahbodi made the remarks on the sidelines of the ongoing Iran Project 2016 in Azerbaijan, Baku.

Over 50 Iranian companies specializing in oil, gas, construction, pharmaceutical, car making and other industrial spheres have showcased their capabilities during the three-day exhibition.

Saying that short distance between Iran and Azerbaijan creates a proper opportunity for traders from both countries, the deputy minister called for expansion of cooperation in both, oil and non-oil sectors.

The volume of trade turnover between the two countries soared by 70 percent over the first seven months of the current year.

According to Azerbaijani officials, Iranian companies have already invested $2.6 billion in Azerbaijan’s economy. About $145 million of the total amount has gone to the non-oil sector. This is while some 450 companies with Iranian share operate in Azerbaijan.

Trade turnover between Azerbaijan and Iran amounted to $122.08 million in January-August 2016, $30.66 million of which accounted for the export of Azerbaijani goods to Iran, according to the State Customs Committee of Azerbaijan.