Iranian Trade Center opens in Baku

20 April 2019 13:21 (UTC+04:00)

By Mirsaid Ibrahimzade

Iran and Azerbaijan have always been interested in developing economic relations, including mutual cooperation in various areas, especially in automotive industry, which is on the upgrade in Azerbaijan.

The opening ceremony of the Iranian Trade Center was held in Baku on April 19. Azerbaijani Deputy Minister of Economy Rufat Mammadov, Iranian Minister of Industry, Mine and Trade Reza Rahmani, Iranian ambassador to Azerbaijan Javad Jahangirzadeh and other officials attended the opening ceremony.

The purpose of the trade center is to support trade relations between the businessmen of the two countries and help them solve their problems.

On the same day, a memorandum of understanding was signed between the Azerbajani company AzerMash and Iranian Maral Trailer. Within the cooperation, AzerMash will deal with distribution of truck trailers produced by Maral Trailer company in Azerbaijan. The production of truck trailers is planned to be established in the country at the next stage.

It’s vital to note that the Iranian-Azerbaijani cooperation in automaking industry already has successful evidence. On August 6, 2016, big Iranian automaker Iran Khodro and Azerbaijani company AzEuroCar, a subsidiary of AzerMash, signed an agreement to establish a joint automobile plant in Neftchala. The Azerbaijani side invested 75 percent of funds in the plant, and the Iranian side put 25 percent.

Automotive sector is currently developing fast in Azerbaijan, as more plants engaged in the production of cars are being launched across the country.

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Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1

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