TEHRAN: Iran is actively seeking to enhance its economic and trade relations with Azerbaijan by addressing significant banking issues, according to Iranian Minister of Economy and Finance Abdolnaser Hemmati. The announcement came during a meeting with Azerbaijani Deputy Prime Minister Shahin Mustafayev in Tehran, as reported by the Trend News Agency.
According to Trend News Agency, one of the main challenges in strengthening economic ties between Iran and Azerbaijan revolves around banking restrictions. Minister Hemmati highlighted the complexities faced due to ongoing sanctions and the regulatory environment in Azerbaijan. He suggested that improvements in legal and operational cooperation between banking institutions of both countries could lead to more balanced trade relations. “The National Bank of Iran operates a branch in Azerbaijan which could play a pivotal role in this regard,” Hemmati stated.
During the discussions, Deputy Prime Minister Mustafayev noted that trade turnover between the two countri
es had reached $400 million in the first eight months of the current year, marking a 28 percent increase. Despite this growth, both officials agreed that there is substantial potential to further enhance cooperation. The vast majority of this trade turnover consists of Iranian exports to Azerbaijan, emphasizing the need for a more balanced trade scale.
Mustafayev also highlighted the significant investments in Azerbaijan’s economy, particularly in the oil and gas sector, with substantial contributions from Iranian companies. “Approximately 2,500 companies are registered in Azerbaijan with Iranian investments, with 1,600 currently active and having invested over $5 billion in various sectors,” Mustafayev added. The Shah Deniz gas field alone has seen around $3 billion in investments.
The meeting underscores a mutual interest in overcoming economic barriers and fostering a more prosperous trade relationship between Iran and Azerbaijan. Both sides expressed a commitment to continue working on resolving the ban
king issues and exploring new avenues for economic collaboration.