Iranian companies have invested $2.6 billion in Azerbaijan’s economy, said Azerbaijan’s Deputy Economy Minister Sahil Babayev.
The deputy minister said that only $145 million of this amount was invested in the non-oil sector.
Around 450 companies with Iranian share operate in Azerbaijan, added Babayev.
“The relations between Azerbaijan and Iran have entered a new phase. In particular, they have been actively developing over the last 2.5 years,” said the deputy minister. “Throughout a little more than two years, the presidents of the two countries have met seven times. The two sides have held 80 meetings and signed more than 40 documents.”
He pointed out that the intergovernmental commission has held two meetings during that period.
“Azerbaijan’s President Ilham Aliyev paid a very successful visit to Iran in February and Iran’s President Hassan Rouhani visited Azerbaijan in August. The sides signed more than 20 documents during those visits and this is the greatest proof of strategic importance of our relations,” said Babayev.
The deputy minister said that warm relations between Azerbaijani and Iranian governments, as well as historical, cultural and religious unity between the two countries’ peoples have produced results in the economic sphere as well.
“The trade turnover between Azerbaijan and Iran has increased by 70 percent. It is gratifying that both the export from Azerbaijan and import from Iran have increased,” said Babayev.
These figures show the trust and business climate created between the two countries, according to the deputy minister.
“Azerbaijan is ready to support the activities of Iranian companies in the country with help of industrial parks, industrial districts, special economic zones, investment promotion documents and so on,” he added.