Azerbaijani-Iranian business forum to be held in August

By: Sara Rajabova

Azerbaijan’s capital city Baku will host an Azerbaijani-Iranian business forum on August 7, Azerbaijan Export and Investment Promotion Foundation (AZPROMO) said.

The business forum will be organized by AZPROMO with the support of Azerbaijani Ministry of Economy and Industry. “Azerbaijani entrepreneurs are invited to take part at the event,” AZPROMO said.

Around 50 Iranian companies operating in the spheres of trade, industrial production, agriculture, engineering, construction and production of construction materials, transport and etc. will participate at the event.

During the last Azerbaijani-Iranian business forum that was held in December 2013 in Baku, Tehran Chamber of Commerce and Iran Entrepreneurship Association signed a memorandum of understanding with the National Confederation of Entrepreneurs (Employers) Organizations of Azerbaijan.

Azerbaijan and Iran have had diplomatic relations since 1918. Iran recognized Azerbaijan’s independence in 1991, and diplomatic relations between the two countries were established in 1992.

The trade turnover between Azerbaijan and Iran stood at $94.12 million in Jan.-June 2014, according to Azerbaijan’s State Customs Committee. Azerbaijan imported some $76.81 million worth of Iranian products, while the amount of export to this country totaled $17.31 million.

Iran’s trade turnover with Azerbaijan stood at $470 million ($448 million exports and $22 million imports)in the first eleven months of 2013, Iran’s customs administration’s latest report shows.