Azerbaijan’s Economy Minister to Visit

An Azerbaijani business delegation, headed by Economy Minister Shahin Mustafayev, will visit Iran on February 22-24, Azerbaijan Export and Investment Promotion Foundation reported. The delegation will visit the Iranian cities of Ardebil and Urmia where business forums and business meetings have been scheduled. The forum will bring together Iranian and Azerbaijani entrepreneurs engaged in different spheres, AzernNews reported. The two countries are eager to develop their non-oil economy, integrate regional transport networks and boost mutually advantageous business projects. Agriculture, banking, pharmaceuticals and cooperation in the International North-South Transport Corridor are the main areas that the two states are focused on. Iranian companies have so far invested $1.2 billion in Azerbaijan, with some $145 million belonging to the non-oil sector. Some 450 companies are operating in Azerbaijan with Iranian investment. Trade turnover between the countries hit $15.77 million in January 2017. The figure for the corresponding period of last year stood at $9.56 million.