Azernews.Az

By Sara Rajabova

Iran's Ambassador to Azerbaijan called on Azerbaijani businessmen to invest in Iran's Maku Free Economic Zone (FEZ).

"Mohsen Pak Ayeen made the invitation during his visit to the Maku Free Economic Zone, located in the West Azerbaijan Province of Iran," Iran's Embassy in Azerbaijan told Trend news agency on May 29.

The Maku Free Economic Zone is Iran's largest and the world's second largest free trade zone established in August, 2010.

Pak Ayeen said the Maku FEZ is located on a route leading to Europe, adding that one of the Maku FEZ's advantages is that its territory is rich in minerals.

He also stressed that the cooperation between the officials and businessmen of the region will positively affect the development of the Maku FEZ.

During a meeting with Pak Ayeen, the Executive Director of the Maku FEZ, Hossein Forouzan stressed the importance of enhancing cooperation with neighboring countries, including Azerbaijan.

Forouzan said the cooperation between Iran and Azerbaijan, in particular in the Maku Free Economic Zone, should reach such a level that it becomes a model of cooperation for the entire region.

Iran has recently stepped up efforts to boost political, economic, security and cultural ties and cooperation with the regional and neighboring countries including Azerbaijan.

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.