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Baku, Tehran expand business ties

10 November 2016 16:07 (UTC+04:00)
Baku, Tehran expand business ties

By Nigar Abbasova

Business relations between Azerbaijan and the Islamic Republic of Iran are developing steadily, as the two countries are constantly exploring the opportunities for boosting the trade ties.

Vice-President of Azerbaijan Entrepreneurs Confederation Vugar Zeynalov said that two Azerbaijani-Iranian Business Forums are scheduled to be held in Iran in December.

Addressing the conference titled “Investment opportunities of Azerbaijan and Iran” Zeynalov said that the first business forum will be held on December 18 in Ardabil, while the second is scheduled for December 19 in Tabriz.

The conference, which will feature a number of panel discussions involving Azerbaijani and Iranian investors, aims to ensure the execution of bilateral agreements signed by the two countries and bring Azerbaijani and Iranian investors closer to each other.

Business forums bear huge importance for the enhancement of the relations between the entrepreneurs representing the two countries and provision of the information about investment environment.

Head of AZPROMO Rufat Mammadov said that Iranian investments in Azerbaijan's economy amounted to almost $1.2 billion, with some $145 million being invested in the country’s non-oil sector, adding that some 450 companies with Iranian capital currently operate in Azerbaijan.

Mammadov underlined that the countries can increase the volume of mutual investments, saying that Azerbaijan has implemented significant work to improve the investment climate in the country, and nowadays the country has concrete proposals for the Iranian investors.

He added that the two countries are currently engaged in the creation of joint plants for production of cars and pharmaceuticals, while the successful cooperation is an indicator of high confidence of Iranian investors in Azerbaijan. Moreover, Azerbaijani investors are also interested in Iranian market.

Groundbreaking ceremony of the joint Azerbaijani-Iranian pharmaceutical plant will be held in two weeks, Iranian Ambassador to Azerbaijan Javad Jahangirzadeh told the reporters in Baku.

He further said that Iran intends to build a hospital in Azerbaijan.

Deputy Head of Iranian Organization for Investment, Economic & Technical Assistance (OIETAI) Akbar Ghahramani said that for the first time the volume of foreign investments in Iran has been brought up to some $8 billion, which is considered to be a clear proof of conditions created for investors.

He invited Azerbaijani investors to participate in the process of investing and take advantage of favorable conditions.

The trade turnover between Azerbaijan and Iran amounted to $137.65 million in January-September 2016, more than $102 million of which fell on the import of Iranian goods, according to the State Customs Committee of Azerbaijan.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

Follow us on Twitter @AzerNewsAz

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