Today.Az » Business » Azerbaijan, Iran ink agreement on joint industrial park
31 January 2020 [18:07] - Today.Az
By Rasana Gasimova
Azerbaijan and Iran have signed a contract on the construction of a joint industrial park that will be financed by both contries.
The contract was signed between Iran Small Industrial and Industrial Parks Organization (ISIPO) and Ardabil province local authorities in Ardabil, Iran.
The signed contract follows upon the previous formal agreement between Iran and Azerbaijan to create a joint industrial Iran-Azerbaijan industrial park in Ardabil's Parsabad county.
The construction of the industrial park was discussed between Iran's Minister of Industry, Mining and Trade Reza Rahmani and Azerbaijani Deputy Prime Minister Shahin Mustafayev during his visit to Iran.
Creation of joint parks was also discussed during the visit of Iranian delegation led by Governor of Iran’s Ardabil province Akbar Behnamju to Baku in December 2019.
It was noted that the project will serve strengthening ties between Iranian and Azerbaijani investors, development of economic cooperation, as well as export of Iranian products to the markets of Russia and Central Asia.
Establishing the park will open doors for both foreign and local investors. The total area of the park will be 95 hectares.
Currently, there are 900 free trade and industrial zones in Iran. Azerbaijan has five industrial parks - Sumgayit, Garadagh, Mingachevir, Pirallahi and Balakhani, as well as three industrial districts - Neftchala, Masalli and Hajigabul. In addition, work is underway to launch the Sabirabad industrial zone.
The two countries cooperate within the joint car production plant in Neftchala Industrial Zone, joint pharmaceutical plant Caspian Pharmed in Pirallahi Industrial Park, Khudaferin and Maiden Tower hydro power plants, etc.
Azerbaijan plans to build four terminals in the Iranian city of Astara. These terminals include oil and grain terminals, a terminal for processing containers and a general-purpose terminal.