Azernews.Az

By Abdul Kerimkhanov

The volume of trade exchange between Azerbaijan and its southern neighbor Iran increased by 30 percent, reaching $422.68 million in January-October 2019 compared to the same period in 2018, IRNA reported with the reference to local media.

As was noted, in the 10 months of this year, the volume of trade with Iran increased by $99.23 million (30.7 percent) compared to the corresponding period of 2018.

The report says the volume of Azerbaijan's exports to Iran in the above-mentioned period of time amounted to $30.99 million, registering $8.7 million (39 percent) increase compared to the same period in 2018.

Annual bilateral trade volume between Iran and Azerbaijan is over $500 million.

There are 1,371 Iranian industrial units in Azerbaijan.

Food products, construction materials and other goods have accounted for the largest part of the turnover over the past years.

In subsequent years, the structure of trade will change, and its basis will be finished products. The industrial products will enter the trade turnover between the two countries.

The trade turnover between the two countries is planned to reach $2 billion in short term perspective.

Presently, two countries have been cooperating within the joint car production plant in Neftchala Industrial Zone, joint pharmaceutical plant Caspian Pharmed in Pirallahi Industrial Park, Khudaferin and Maiden Tower hydro power plants, etc.

Azerbaijan plans to build four terminals in the Iranian city of Astara. These terminals include oil and grain terminals, a terminal for processing containers and a general-purpose terminal.

The two countries share common values, history and traditions that bound them. Azerbaijan and Iran are eager to develop their non-oil economy, integrate regional transport networks and boost mutually advantageous business projects in order to stimulate trade volume.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

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