Economy, Domestic Economy

Over 50 Iranian Firms to Attend Baku Expo

Over 50 Iranian Firms to Attend Baku ExpoOver 50 Iranian Firms to Attend Baku Expo

More than 50 Iranian companies will participate in the second Specialized Iranian Exhibition in Azerbaijan dubbed “Iran Project 2016” scheduled for September 19-21, according to Iran’s commercial attaché to Azerbaijan, Mohammad Ebrahim Naqizadeh.

In a large-scale panorama of the exhibition, the whole range of Iran’s economy will be presented with an emphasis on oil and gas, petrochemical, construction, energy, automotive and food industries, as well as agriculture, water, medical equipment and transportation, Azerbaijan’s national news agency AZERTAC reported.

An Azerbaijan-Iran business forum will also be held as part of the exhibition on September 20, bringing together about 150 representatives from public and private sectors, organizations, companies, producers and exporters, as well as entrepreneurs.

The first such expo was held in November of last year with the participation of more than 100 Iranian companies, mostly from the oil and gas sectors.

According to Naqizadeh, trade between Iran and Azerbaijan increased by 70% in the first half of 2016.

Last week, a memorandum of understanding was signed between the head of North Khorasan Chamber of Commerce, Industries, Mines and Agriculture, Mohammad Samadi, and the head of Azerbaijan Republic Chamber of Commerce and Industries, Niyaz Alizada in Baku. The agreement stipulates expansion of two-way trade and investment.

Iran’s exports to Azerbaijan were worth $232 million in the last fiscal year that ended in March, registering a 47.5% decline. Imports stood at $32.3 million to record a 43.5% rise, according to the Islamic Republic of Iran Customs Administration.

The latest customs statistics on bilateral trade pertain to the first four months of the current Iranian year (March 20-July 21), during which Iran exported 676,200 tons of non-oil goods worth $262.6 million to the Republic of Azerbaijan, registering a twofold rise in value compared to the similar period of 2015.

Iran imported 60,000 tons of goods valued at $20 million from the neighboring country, which shows a 228% rise year-on-year.

Gas, chemicals, cement, chocolate, tiles, potatoes, dates and beverages were among Iran’s main exports. Steel ingots, wood, vehicles, millet, oilcake, cotton, road headers and excavators were the main imports.