Iran's investment in Azerbaijan exceeds $5B

Approximately 2,980 Iranian companies have been registered in Azerbaijan, with Iranian investment exceeding $5 billion in the country, Iranian diplomat and expert Hamidreza Arshadi said at the international roundtable “Shaping Eurasia’s Transport Framework and Azerbaijan’s Key Role in the Process” held in Baku, Report informs.

According to Arshadi, about 30 intergovernmental agreements have been signed between Azerbaijan and Iran, covering key areas ranging from investment promotion and protection to energy, transport, customs cooperation, tourism and other areas.

"Our relations are developing in many directions, demonstrating positive dynamics currently. This is facilitated by both regional and global factors. Common geography, proximity of peoples, as well as historical and religious ties create a solid foundation for long-term cooperation," the diplomat said.

He emphasized that there is significant potential for expanding mutual relations between the countries in trade, investment, transport, oil and gas industry, energy, agriculture and other sectors of the economy: "Close neighborhood, common geography, as well as historical and religious ties between our peoples have made permanent relations between us necessary. As a result, trade turnover between Azerbaijan and Iran is constantly growing. Thus, in 2024, its volume amounted to $647 million, 33% more than in 2023."

According to him, Baku and Tehran have set themselves an ambitious goal - to increase annual trade turnover to $10 billion within the coming five years: "The current growth rate and implemented projects create the basis for achieving this target."