Iranian official: Liberation of Azerbaijan’s lands create new economic co-op opportunities

10 July 2021 12:00 (UTC+04:00)

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By Ayya Lmahamad

Azerbaijan’s liberated territories create new opportunities for economic ties with Iran, Iran’s East Azarbaijan Province Deputy Governor-General Ali Jahangiri said.

The remark was made during Jahangiri’s meeting with Azerbaijan’s Entrepreneurs Confederation President Mammad Musayev this week.

Congratulating Azerbaijan on liberating its territories during the 44-day-war with Armenia, Jahangiri shared his views on the great economic and investment potential of the East Azarbaijan Province, the possibility of Azerbaijani and Iranian entrepreneurs to increase trade turnover between the two countries by creating joint ventures and further exporting of goods to third countries.

In turn, Musayev spoke about Azerbaijan’s business opportunities, the work done to achieve sustainable economic development, the favorable conditions created to attract foreign investment, logistics infrastructure, and Azerbaijan’s access to the markets of the CIS, Turkey and Europe.

The participants were informed about the activities of the International Congress of Industrialists and Entrepreneurs, of which Azerbaijan’s Entrepreneurs Confederation is a member, and about the opportunities to enter the market of 30 countries through this platform.

Furthermore, it was proposed to organize a fair on the exhibition and sales of Azerbaijani and Iranian products in Khudafarin in the future. In addition, proposals were made on the establishment of a joint free market zone in the future and the organization of a business mission in Tabriz.

Additionally, a memorandum of understanding was signed between Azerbaijan’s Entrepreneurs Confederation and Tabriz Chamber of Commerce and Industry.

The document defines the sectors for joint activities, potential opportunities for cooperation expansion and development of joint projects.

It should be noted that the trade turnover between Azerbaijan and Iran amounted to $339.1 million in 2020. This figure was $167.4 million in the first five months of 2021.

Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad