Iran, Azerbaijan to boost non-oil trade

By Azernews

By Nigar Abbasova

Azerbaijan and the Islamic Republic of Iran are determined to increase their non-oil trade. Iranian ICT Minister Mahmoud Vaezi said that the two countries will work in this direction to decrease dependence on oil.

Vaezi, who is also a co-chairman of Iran-Azerbaijan Joint ?Economic Cooperation Commission, made the remarks on the sidelines of a meeting with Azerbaijan’s economy minister Shahin Mustafayev in Iran's northwestern Ardabil city, IRNA reported.

Heading an economic delegation Mustafayev arrived in Ardabil on February 22 for a two-day visit.

 Vaezi said that political and economic ties between the two countries have increased in recent years and the two sides have made serious efforts to boost mutual ties. He added that grounds have already been prepared for private sector investors from the two countries to launch mutual cooperation.

Referring to his meeting with Shahin Mustafayev, Vaezi said that Azerbaijani and Iranian economic delegations held constructive meeting and “good decisions” were made for cooperation of the two countries’ private sectors.

Mustafayev in turn said that economic and trade cooperation between the two countries is growing, mentioning such spheres as trade, health tourism and agriculture. Within his visit Mustafayev will also visit Iranian city of Urmia.

The two countries are eager to develop their non-oil economy, integrate regional transport networks and boost mutually advantageous business projects.  Such spheres as agriculture, banking sector, pharmaceutics, as well as cooperation within the international North-South transport corridor are the main areas that the two states are focused on.

Iranian companies have so far invested some $1.2 billion, while some $145 million fell to a share of non-oil sector. Some 450 companies with Iranian capital are operating in Azerbaijan. 

The trade turnover between the countries hit some $15.77 million in January 2017, while the index of the last year stands at $9.56 million.