Shahin Mustafayev: Iran invested $3.4B in Azerbaijan

Minister of Economy, co-chair of the State Commission for Economic, Commercial and Humanitarian Affairs between Azerbaijan and Iran Shahin Mustafayev has met with the delegation led by Minister of Industry, Mine and Trade of Iran Reza Rahmani, Report informs citing Ministry of Economy.

Mustafayev said at the meeting that more than 1,000 Iranian companies are registered in Azerbaijan. Iran invested $3.4 billion in Azerbaijan. Within the joint project by Azerbaijan and Iran, the automobile plant in Neftchala Industrial District operates successfully. The plant manufactured more than 1,000 cars in 2018, 360 cars in the first quarter of 2019. Moreover, it was noted at the meeting that a joint pharmacological plant will be established in Piralllahi Industrial Park. Along with this, the bus manufacture plant will be founded in Hajigabul Industrial District.

Mustafayev also said that  the trade turnover between the two countries grew by 74% last year and it will continue to increase. In the two months of 2019 the trade turnover boosted 4.5-fold. However, there are opportunities for extension of trade cooperation and diversification of its structure.

In turn, Rahmani expressed his satisfaction with the visit to Azerbaijan and stressed that discussions held at the meeting with President Ilham Aliyev will play a significant role in extension of bilateral relations. He noted that favorable conditions were created for entrepreneurs in Iran and Azerbaijani businessmen may benefit from it.