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Mahmoud Vaezi: Iran encourages investment in Azerbaijan’s Nakhchivan (exclusive)

Business Materials 27 December 2016 10:38 (UTC +04:00)
Iran's ICT Minister Mahmoud Vaezi, who is on a visit to Baku, has called on entrepreneurs from his country and the neighboring Azerbaijan to make joint investment in Azerbaijani Nakhchivan Autonomous Republic.
Mahmoud Vaezi: Iran encourages investment in Azerbaijan’s Nakhchivan (exclusive)

Baku, Azerbaijan, Dec. 27

By Farhad Daneshvar – Trend:

Iran's ICT Minister Mahmoud Vaezi, who is on a visit to Baku, has called on entrepreneurs from his country and the neighboring Azerbaijan to make joint investment in Azerbaijani Nakhchivan Autonomous Republic.

Vaezi who co-chairs the Azerbaijan-Iran state commission on economic, trade and humanitarian spheres, told Trend that the ongoing visit is aimed at facilitating trade ties between the two countries.

Elaborating on the plans for broadening trade ties between the two countries, he said that Azerbaijan’s Nakhchivan enjoys proper trade opportunities and he will visit the autonomous republic to discuss investment-related issues.

Nakhchivan Autonomous Republic is a landlocked exclave of Azerbaijan with an estimate population of 430,000 people.

The minister expressed his country’s readiness to boost cooperation between the two countries concerning Nakhcivan in various fields, including gas, transport and medicine.

Saying that he will lead a large economic delegation comprising of the representatives of Iranian private sector during his upcoming visit to Nakhchivan on Dec. 29, the minister added that a document on cooperation between the two countries will be inked in the autonomous republic.

The minister added that he also is slated to review the construction process of a dam over Araz River in Nakhchivan’s Ordubad.



Iran and Azerbaijan have earlier agreed to cooperate on the construction of two plants near the Aras River borderline in the Iranian town Marazad and Nakhcivan’s Ordubad.

Vaezi has arrived in Baku to attend the 11th meeting of the Azerbaijani-Iranian intergovernmental commission on economic, trade and humanitarian issues discussing opportunities for expansion of bilateral ties. He will visit Nakhchivan on the third day of his ongoing visit to Azerbaijan.

Iranian companies have so far invested $2.6 billion in Azerbaijan’s economy. As much as $145 million of the total amount has gone to the non-oil sector of Azerbaijan. This is while some 450 companies with Iranian share operate in Azerbaijan.

Trade turnover between Azerbaijan and Iran amounted to $175 million in January-November 2016, $130.13 million of which accounted for the import from Iran, according to the State Customs Committee of Azerbaijan.

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