Economic Development Ministry Entrepreneurship Promotion Deputy Chief Huseyn Pashayev said the event will contribute to expansion of mutual economic relations, creation of joint ventures, and increase of Iranian investment in Azeri economy.

He said that the GDP exceeded 77% in the private sector and budget deficit was reduced to 1%-2% and Azerbaijan's economic growth rate tops among CIS states.

He stated the foreign debt is not above 13.5%. "Iran is one of the biggest trade partners of Azerbaijan and there are over 200 companies with Iranian investment in Azerbaijan. These companies made total investment of USD 356m in Azerbaijan up to 2005. During the period of January-August the trade turnover between the two countries hit $229m," he said.

Iranian delegation is composed of 25 representatives of Iranian foodstuffs, juice, feed, egg, cereal, engineering and other companies. The three-day visit is aimed at study of investment potential of Azerbaijani economy, APA reports.