The volume of trade exchange between Azerbaijan and its southern neighbor Iran increased by 30%, reaching $422.68 million, in January-October 2019 compared to the same period in 2018.
In 10 months the volume of trade with Iran increased by $99.23 million.
The volume of Azerbaijan’s exports to Iran amounted to $30.99 million, up by $8.7 million (or by 39%).
Annual bilateral trade volume between Iran and Azerbaijan is over $500 million.
There are 1,371 Iranian industrial units in Azerbaijan.
Food products, construction materials and other goods have accounted for the largest part of the turnover over the past years.
In subsequent years the structure of trade will change, and its basis will be finished products. The industrial products will enter the trade turnover between the two countries.
The trade turnover between the two countries is planned to reach $2 billion in short term perspective.
Presently, two countries have been cooperating within the joint car production plant in Neftchala Industrial Zone, joint pharmaceutical plant Caspian Pharmed in Pirallahi Industrial Park, Khudaferin and Maiden Tower hydro power plants, etc.
Azerbaijan plans to build four terminals in the Iranian city of Astara. These terminals include oil and grain terminals, a terminal for processing containers and a general-purpose terminal.
The two countries share common values, history and traditions that bound them. Azerbaijan and Iran are eager to develop their non-oil economy, integrate regional transport networks and boost mutually advantageous business projects in order to stimulate trade volume. (AzerNews/Business World Magazine)