Azernews.Az

By Sara Rajabova

The complete removal of international sanctions against Iran after the final settlement of issues related to Tehran's nuclear energy program will unveil new opportunities for economic development for countries in the region.

Mohsen Pak Ayeen, Iran’s ambassador to Azerbaijan, stated that once all sanctions against Iran are lifted, it will further extend the possibilities of developing economic cooperation with Azerbaijan.

He noted at an Azerbaijani-Iranian business forum on November 16 that there are several priority areas for developing cooperation between Azerbaijan and Iran.

“The successful completion of negotiations on Iran's nuclear program helped relations between our countries reach a new level. Now, we continue to explore the potential for developing cooperation between our countries in the oil and gas, petrochemical, and construction spheres,” Ayeen remarked.

The ambassador expressed readiness to lend all possible support to the Azerbaijani and Iranian businessmen who are keen to establish cooperation.

The Islamic Republic is eyeing Azerbaijan’s transit role in delivering its natural gas to Europe.

Azerbaijan’s transit role is increasing by the day in view of the expected lifting of international sanctions from the Islamic Republic.

The Islamic Republic, with one of the highest energy reserves, has long been eying to supply its hydrocarbon resources to Europe.

As the country does not possess a direct transit route and the necessary infrastructure to reach the European market, Azerbaijan, which has built the required infrastructure over the years, is the best transit option in this regard.

During the business forum, Rufat Mammadov, the head of the Azerbaijani Export and Investment Promotion Fund (AZPROMO), noted that currently, 480 companies with Iranian capital operate in Azerbaijan, and the volume of Iranian investments in the country is around $760 million.

More than 200 businessmen from both countries operating in the oil and gas sector, in the fields of chemical industry, agriculture, food industry, construction, engineering, and various other areas attended the forum, which was organized by AZPROMO and the Iranian "Pars Pegah Tejarat" company.

Azerbaijan and Iran have shared diplomatic relations since 1918. Iran recognized Azerbaijan's independence in 1991, and diplomatic ties between the two countries were reestablished in 1992.

Currently, the two countries are focusing on expanding economic ties in various fields, including industry, agriculture, energy, alternative energy, and transportation.

The trade turnover between Azerbaijan and Iran amounted to $86.48 million, according to Azerbaijan’s State Customs Committee.

--

Sara Rajabova is AzerNews’ staff journalist, follow her on Twitter: @SaraRajabova

Follow us on Twitter @AzerNewsAz