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Iranian companies invest over $2B in Azerbaijan

Business Materials 15 May 2018 22:56 (UTC +04:00)

Tehran, Iran, May 15

By Kamyar Eghbalnejad, Fikret Dolukhanov – Trend:

Iran was one of the first countries to recognize Azerbaijan's independence based on historical, religious and cultural ties, as well as the friendly relations between the two countries, Iran's Minister of Economy and Head of Azerbaijan-Iran Joint Economic Commission Masoud Karbasian said at an event in Azerbaijan’s Embassy in Tehran dedicated to the centenary of the independence of the Republic of Azerbaijan.

“The friendly relations between the two major countries of the region will not only promote bilateral cooperation, but also bring peace and stability and prosperity to the whole region,” Karbasian said.

He added that the two countries have potential for further expansion of relations and the main objective of the two governments is to provide infrastructure and develop a framework for bilateral and regional cooperation.

He reminded that presidents of Azerbaijan and Iran held 11 meetings, with the countries exchanging 100 delegates at various levels, signing about 30 joint cooperation documents, as well as holding the 12th meeting of the Joint Economic Commission, which was marked by achievement of numerous agreements.

“Hassan Rouhani had a successful trip to Baku in March 2018, when numerous important documents were signed, including the contract for joint production of cars in Neftchala. The contract provides for production of Dena, Dena Plus, Rana, Samand and Soren cars,” the Iranian official said.

He added that the two countries have good possibilities in economy, industry, human resources, human capital, as well as banking, transportation, road, customs, energy and tourism.

Karbasian also touched upon the construction of the railway in Astara, noting that the project will establish a railway link between the Persian Gulf and northern neighbors of Iran in the Caucasus and the Black Sea region.

“The railway will create possibility for export of goods to the markets of the region. Entrepreneurs of the two countries are currently involved in trade and investment sectors, and we are now determined to increase the scope of the private sector participation in investment and business projects. Some 550 Iranian companies are active in Azerbaijan, with investments of over $2 billion,” Karbasian said.

He concluded his speech by thanking Azerbaijan's president, economy minister and ambassador for their efforts in development of cooperation between the two countries.

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