Azerbaijani and Iranian companies will sign four memorandums of understanding on Apr.21 as part of implementation of joint projects for medicine and car production.
The announcement was made by Azerbaijan’s Economy Minister Shahin Mustafayev Apr.20 during a meeting with Iran’s Minister of Communications and Information Technology Mahmoud Vaezi in the Azerbaijani city of Astara.
Mustafayev noted that the documents will be signed between the Sumgait Chemical Industrial Park, Azerbaijan Investment Company, Azersun Holding and Iran’s Darou Pakhsh and Iran Khodro companies.
The minister noted that Iran is one of the main trade partners of Azerbaijan. The trade turnover between the two countries has increased by 53 percent in the first quarter of 2016, as compared to the same period in 2015 and stood at $41.4 million.
During the meeting, it was noted that the two countries have signed 30 documents since April 2014.
Mustafayev said that currently, Azerbaijan and Iran are working on expanding the cooperation in the spheres of agriculture, tourism, pharmaceuticals, transportation, banking and so on.
The parties also discussed the prospects for expanding the economic relations and cooperation between the two countries and increasing the effectiveness of the North-South transportation corridor.
Earlier on Apr.20, a groundbreaking ceremony was held for construction of a railroad bridge over the Astara River on the Azerbaijani-Iranian border.