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Iran seeks to learn SOFAZ’s experience

2 May 2014 10:39 (UTC+04:00)
Iran seeks to learn SOFAZ’s experience

By Sara Rajabova

Iran intends to become familiar with Azerbaijani State Oil Fund's (SOFAZ) activity and to learn experience.

SOFAZ and Iran's National Development Fund discussed the prospects for bilateral cooperation in Baku.

The meeting was aimed to become familiar with SOFAZ's activity, to learn experience within the International Forum of Sovereign Wealth Funds, comply with the Santiago Principles and to become closely familiar with the reporting in this sphere.

The Iranian delegation that took part at the meeting was headed by member of the Board of Directors and chairman of the Fund, Seyed Ghasem Hosseini, SOFAZ said on May 1.

The parties also discussed the aspects of bilateral cooperation.

SOFAZ was established in 1999 with assets worth $271 million.

The main purposes of the fund are the accumulation of funds and placement of assets abroad to minimize negative impacts on economy to prevent the 'Dutch disease', ensuring savings for future generations, and maintaining the current social and economic standards in the country.

Azerbaijan and Iran have had diplomatic relations since 1918. Iran recognized Azerbaijan's independence in 1991, and diplomatic relations between the two countries were established in 1992.

Data from the State Customs Committee of Azerbaijan shows that trade turnover between the two countries amounted to $281.03 million in 2013, which is 6.13 percent higher than 2012. The figure stood at $263.785 million in 2012.

Iran imported $73.347 million worth of goods from Azerbaijan in 2013, while its exports to Azerbaijan stood at $207.683 million during the same period.

Iran's trade turnover with Azerbaijan in the first eleven months of 2013stood at $470 million ($448 million exports and $22 million imports), Iran's customs administration's latest report shows.

The statistics of Iran's customs administration are based on the official rate of rial/USD which is different from the free market rate.

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