Iran's Ambassador to Azerbaijan Javad Jahangirzadeh announced that executive works to set up a joint industrial township will kick off by Tehran and Baku in the near future.
“Construction of the industrial township is to set up processing industry for agricultural products and producing industrial outputs in order to export them to the two countries and other regional states,” Jahangirzadeh said, addressing a meeting of 60-member delegation of Iran-Azerbaijan Joint Chamber of Commerce in Baku.
The Iranian ambassador said that the embassy in Azerbaijan is ready to offer guidance for Iranian businessmen to develop economic cooperation with the Republic of Azerbaijan.
Jahangirzadeh hoped that Tehran-Baku commercial relations would hit $600 million a year in the near future.
Iran exported goods worth $290 million to Azerbaijan Republic in six months.
In a relevant development earlier in October, Azerbaijani Ambassador to Tehran Bunyad Huseynov said that his country is interested in further expanding commercial and economic ties with Iran, the lauded the significant 74% growth in the volume of bilateral trade.
In a meeting with Chairman of Tabriz Chamber of Commerce Younes Jael, Huseynov pointed to cultural and trade capacities of Iran and Azerbaijan, and expressed hope that trade between the two countries would increase further.
Noting that the presidents of the two countries have met 12 times in recent years to enhance bilateral relations, the envoy said that both governments have taken effective steps to expand relations, and it is time for the Azeri and Iranian private sector to work together.
Economic cooperation of Iran and Azerbaijan in the private sector should be utilized for the development of relations, Huseynov added.
Jael, for his part in the meeting, said that the economic and commercial capacities of East Azerbaijan province is high, calling for cooperation and synergy of the economic activists of the two countries to exercise a successful and effective presence in third markets.
He called for the creation of preferential tariffs and dispatch of economic and trade delegations to carry out joint venture investment projects as effective measures to expand economic cooperation.
The provincial official also called for successful and effective presence and cooperation of the Iranian and Azeri economic activists in third country as well.