Iran and Azerbaijan plans to have a joint production of cars and medicines

Almaty. April 21. Silkroadnews – Four memoranda within the framework of joint projects’ implementation in the sphere of medicine and vehicles manufacturing have been signed between the Azerbaijani and Iranian companies in Baku, Trend reports.

According to Shahin Mustafayev, Minister of Economic Development of Azerbaijan, memoranda between the Sumgait chemical-industrial park, Azerbaijani Investment Company, Azersun Holding and Iranian Darou Pakhsh and Iran Khodro are expected to be signed at the meeting with the Minister of Communications and Information Technology of Iran Mahmoud Vaez in Astara.

Iran is one of the major trade partners of Azerbaijan, S. Mustafayev added.

During the meeting it was noted that 120 documents have been signed between the two countries, including 40 in the field of economy. Since April 2014, Azerbaijan and Iran have signed more than 30 documents, carried out nearly 60 mutual visits and meetings, including two meetings of the state commission.

According to S. Mustafayev, at present there are 439 companies with Iranian capital operating in Azerbaijan.
The minister noted at present the countries are working to expand the cooperation in agriculture, tourism, pharmaceuticals, transport, banking, etc.

During the meeting the parties also discussed the prospects of expanding the economic relations and cooperation between Azerbaijan and Iran, as well as ways to improve the international transport corridor “North-South” efficiency.