TODAY.AZ / Business

Iran to cooperate with Azerbaijan in insurance sector

11 October 2019 [12:35] - TODAY.AZ

By Azernews


By Leman Mammadova

Azerbaijan and Iran are keen on the implementation of mutually beneficial business projects in a bid to stimulate trade volume.

Over 70 percent trade growth between Iran and Azerbaijan over the past year indicates the development of mutual relations, said Farhad Dejpasand, Iranian Minister of Economic Affairs and Finance, AZERTAG reports.

Dejpasand noted that the two countries will expand cooperation in the insurance sector and create a joint investment fund.

“Partnerships in the insurance industry will help citizens and companies to build businesses. The states will guarantee their property and finances. This will increase mutual investment,” he added.

Referring to the cooperation in transport, he stressed that the construction of the Qazvin-Rasht-Astara (Iran)-Astara (Azerbaijan) railway, a key component of the North-South International Transport Corridor, is underway. “In particular, Qazvin-Rasht section has already been put into operation. Work continues in the Rasht-Astara section.”

In his words, the construction of the Rasht-Astara section will be completed in the next two years and the railway systems of Iran and Azerbaijan will be connected.

Dejpasand emphasized that commissioning of this railway will give a powerful impetus to the development of the non-oil sector in both countries.

He also added that the sides look on the issue of establishing a joint international investment fund.

Dejpasand further noted that Iranian businesses operating in Azerbaijan has been increased. “Today, 1371 Iranian enterprises operate in the Azerbaijani market.”

As for joint ventures, he said that Neftchala Automobile Plant is operating successfully. “The cars manufactured by the plant are exported to local and foreign markets.”

He also pointed out that construction of a pharmaceutical plant in the Pirallahi settlement near Baku is underway, and this joint venture will also operate successfully.

“Iran is interested in expansion of cooperation with Azerbaijan,” stressed Dejpasand.

Trade between Iran and Azerbaijan amounted to $400 million last year. Over the past years, food products, construction materials and other goods accounted for the largest part of the turnover. In subsequent years, the structure of trade will change, and its basis will be finished products.

This year, the trade turnover between Azerbaijan and Iran is expected to exceed $600 million. The industrial products will enter the trade turnover between the two countries. 

The Azerbaijani-Iranian relations have developed and reached a new stage over the past four years as a result of mutual efforts. So far, more than 150 documents have been signed between the two countries. Iranian investments in Azerbaijan exceed $3.4 billion.

Recently, Iranian Trade Center opened in Baku to support trade relations between the businessmen of the two countries and help them solve their problems.

The trade turnover between the two countries is planned to reach $2 billion in short term perspective. Reaching the $2 billion milestone in trade turnover within 7-8 years can be regarded as success for both countries.



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