Azernews.Az

By Aynur Jafarova

Iran invites Azerbaijani companies to invest in its oil and gas projects, Yahya Ale Eshaq, the chairman of the Tehran chamber of commerce has said.

Addressing the Iran-Azerbaijan entrepreneurs' joint business forum held on December 17 in Azerbaijan's capital Baku, Ale Eshaq said some $500 billion is projected to be invested in Iran's oil and gas projects in the next five years.

He added that Iranian enterprises are ready to start infrastructural, petrochemical and power plant projects in Azerbaijan.

Speaking at the event President of the National Confederation of Entrepreneurs (Employers') Organizations of Azerbaijan Mammad Musayev said the bilateral trade is not at a satisfactory level, and voiced hope for increasing the figure.

Musayev noted the confederation has established good relations with the countries of the Commonwealth of Independent States, and this issue can be helpful for Iranian entrepreneurs.

In his remarks, Vidadi Guliyev, the vice-president of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) said the Azerbaijani economy accounts for 70 percent of the South Caucasus region's economy.

Guliyev noted that some $156 billion has been invested in different sectors of the country, 50 percent of which has been secured through foreign investments.

"Iran has invested $104.5 million in Azerbaijan's non-oil sector so far. Some 390 Iranian companies are active in Azerbaijan," he said.

During the meeting, National Confederation of Entrepreneurs (Employers') Organizations of Azerbaijan, Iran Entrepreneurship Association and the Tehran chamber of commerce signed two Memorandums of Understanding (MoU).

Iran and Azerbaijan have had diplomatic relations since 1918. After Azerbaijan regained independence in 1991, Iran was one of the first countries that established full diplomatic relations with Azerbaijan. Iran recognized Azerbaijan on January 1992, and upgraded its consulate in Baku to establish full diplomatic relations.

Iran has owned a 10 percent share in Azerbaijan's largest gas field, Shah Deniz.

According to Azerbaijan's State Customs Committee, Azerbaijan exported about $64 million worth of goods to Iran, while importing about $179 million worth of goods from Iran in the first 10 months of 2013.