Economy, Domestic Economy

Call for Investing in Nakhchivan

Mahmoud VaeziMahmoud Vaezi

Iran’s Communications and Information Technology Minister Mahmoud Vaezi, who is on a visit to Azerbaijan, has called on entrepreneurs from his country and the neighboring Azerbaijan to make joint investment in Azerbaijan’s Nakhchivan Autonomous Republic.

Vaezi, who co-chairs the Azerbaijan-Iran Economic, Trade and Humanitarian Commission, told Trend News Agency that the ongoing visit is aimed at facilitating trade ties between the two countries.

Elaborating on plans for broadening trade ties, he said Azerbaijan’s Nakhchivan enjoys trade potentials and that he will visit the autonomous republic to discuss investment-related issues.

Nakhchivan is a landlocked enclave of Azerbaijan with a population of 430,000 people.

The minister expressed Iran’s readiness to boost cooperation between the two countries concerning Nakhchivan in various fields, including gas, transportation and medicine.

Stating that he will lead a large economic delegation of Iran’s private sector during his upcoming visit to Nakhchivan on Dec. 29, Vaezi added that a document on cooperation between the two countries will be signed in the autonomous republic.

The minister added that he is also slated to review the construction process of a dam over Aras River in Nakhchivan’s Ordubad.

Iran and Azerbaijan earlier agreed to cooperate on the construction of two plants near Aras River that borders the Iranian town Marazad and Nakhchivan’s Ordubad.

Vaezi arrived in Baku to attend the 11th meeting of the joint intergovernmental commission for discussing opportunities for expansion of bilateral ties. He will visit Nakhchivan on the third day of his current visit to Azerbaijan.

Iranian companies have so far invested $2.6 billion in Azerbaijan’s economy. As much as $145 million of the total amount has gone to the non-oil sector of Azerbaijan. This is while some 450 joint ventures are active in Azerbaijan.

Trade turnover between Azerbaijan and Iran amounted to $175 million in January-November 2016, $130.13 million of which accounted for imports from Iran, according to the State Customs Committee of Azerbaijan.

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