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Iran invests $760M in Azerbaijan

Iran invests $760M in Azerbaijan

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Date: 22 December 2015 17:22

Baku, Azerbaijan, Dec. 22

By Anvar Mammadov – Trend:

Iran’s investments in Azerbaijan’s fixed assets reached $760 million, Shahin Mustafayev, the Azerbaijani Minister of Economy and Industry, said.

Mustafayev made this statement as part of the tenth meeting of the Azerbaijani-Iranian intergovernmental commission on economic, trade and cultural cooperation in Tehran, the ministry said.

He said that the investments in Azerbaijan’s non-oil sector totaled $145 million.

The minister also stressed the role of the intergovernmental commission in the development of economic relations between Azerbaijan and Iran.

"Some 50 mutual visits have been made and more than 20 documents have been signed between the two countries since the previous meeting of the commission,” he said. “In general, the two countries signed 108 documents, 30 of them in the economic sphere. More than 450 companies with Iranian investments work in Azerbaijan.”

Moreover, the importance of connecting the railways of the two countries was stressed.

It was stressed during the meeting that the Azerbaijani and Iranian delegations reviewed the construction of the Astara (Iran) - Astara (Azerbaijan) railway line October 9-10, 2015 as part of the North-South international transport corridor.

It is planned to construct a 8-kilometer-long railway from Azerbaijan’s Astara district to Iranian border as part of the first stage. Moreover, a 100-meter-long bridge across the Astara River will be built there.

Mustafayev noted that following the last meeting of the intergovernmental commission, the sides held around 10 business forums, business meetings and exhibitions.

Iran’s Minister of Communications and Information Technology Mahmoud Vaezi for his part emphasized the importance of switching the two countries’ border checkpoints to 24-hour operation mode.

He pointed out that currently, the border checkpoint in Julfa operates around the clock, adding that work is underway on switching the border checkpoints in Astara and Bilasuvar to this mode as well.

Following the intergovernmental commission, the sides signed a protocol on developing the cooperation in the spheres of industry, energy, agriculture, irrigation, transport, communications and high technologies, investments, trade, tourism and so on.

Follow the author on Twitter: @Anvar_Mammadov

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