The agreement was reached at a meeting between Azerbaijan’s Economy and Industry Minister Shahin Mustafayev and Iran’s Economic Affairs and Finance Minister Ali Tayebnia.
Minister Mustafayev is heading a delegation, which is on a visit to Iran.
During the meeting the parties highlighted the significance of a multilateral development of relations between Iran and Azerbaijan.
Tayebnia said the current trade turnover between Iran and Azerbaijan, which stands at $500 million, is not satisfactory.
“Iran is determined to increase this figure,” he added.
The minister also said the Iranian entrepreneurs are ready to make investments in infrastructure, roads, power plants and renovation of dams in Azerbaijan.
Minister Mustafayev, for his part, underscored the importance of expanding relations between the two neighboring countries.
He also invited Tayebnia and Iranian investors to visit Azerbaijan to get acquainted with the country’s investment opportunities.
Minister Mustafayev is accompanied in Iran by Deputy Chairman of Nakhchivan Autonomous Republic’s Supreme Assembly, officials from the State Oil Company of Azerbaijan (SOCAR), Azerenergy JSC, as well as the ministries of foreign affairs, transport and emergency situations.
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