Azernews.Az

By Leman Mammadova

Azerbaijan and Iran are eager to develop their non-oil economies, integrate regional transport networks and boost mutually advantageous business projects in order to expand businesses and stimulate trade volume.

The Azerbaijani-Iranian relations have developed and reached a new stage over the past four years as a result of mutual efforts. So far, more than 150 documents have been signed between the two countries. More than 1,000 Iranian companies are registered in Azerbaijan in industry, construction, services, communications, trade, transport, agriculture and other spheres.

The trade turnover between the two countries is planned to reach $2 billion in short term perspective. Reaching the $2 billion milestone in trade turnover within 7-8 years can be regarded as success for both countries.

In this regard, Azerbaijan and Iran hold frequent discussions to expand the scope of joint operations and enhance the contacts between business circles.

The trade turnover between Azerbaijan and Iran increased 2.3 times in the first five months of 2019 compared to the same period in 2018, Shahin Mustafayev, Minister of Economy, said at a meeting with representatives of the Iranian Parliament on July 4.

“Last year, the growth of commodity turnover between Azerbaijan and Iran amounted to 75 percent, and it increased 2.3 times by the end of January-May of 2019,” he said, adding that Iran’s total investment in the Azerbaijani economy is estimated at $3.4 billion.

Mustafayev spoke about the favorable business and investment climate created in Azerbaijan and invited Iranian businessmen to take advantage of these opportunities. He, in particular, stressed necessity for expanding ties in energy, industry, agriculture, trade, small and medium-sized enterprises (SMEs), ICT, ecology and the humanitarian direction.

During the meeting, Gholamreza Tajgardoon, Chairman of the Budgetary Commission of the Iranian Parliament, highlighted the potential for expansion of mutual trade, as well as the development of relations in various fields of economy.

Alireza Ashraf, Secretary General of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), in turn, briefed on the Chamber's activities, stressing the importance of expanding ties between entrepreneurs of the two countries and participation in joint projects.

Currently, Azerbaijan and Iran cooperate within the joint car production plant in Neftchala Industrial Zone, joint pharmaceutical plant Caspian Pharmed in Pirallahi Industrial Park, Khudaferin and Maiden Tower hydro power plants.

Iranian Trade Center opened in Baku considerably supports trade relations between the businessmen of the two countries and help them solve their problems.