TEHRAN – Azerbaijan is determined to boost all-out economic ties with Iran, especially in energy, transportation, agriculture, oil, and banking sectors, said Azerbaijan’s Economic Development Minister Shahin Mustafayev.

Bilateral ties and economic relations are progressing well, he said, adding that Azerbaijan is determined to broaden its relations with Iran in different sectors of economy, including trade and industry.

He made the remarks in a meeting with Iranian President Hassan Rouhani in Tehran on Tuesday.

For his part, the Iranian president said the Islamic Republic puts the priority on the improvement of relations with the neighboring countries, including the Republic of Azerbaijan.

Many countries have put in requests for making investment in Iran in the wake of the nuclear deal, Rouhani said, adding that the neighboring countries, especially Azerbaijan, are prioritized.

Making joint investment in the Caspian Sea projects can be a good start for boosting cooperation in the oil and gas sector, Rouhani noted.
Mustafayev, heading an economic delegation, arrived in Iran on Monday for a two-day visit. 

Mustafayev also met with Iranian Communications and Information Technology Minister Mahmoud Vaezi.

During the meeting, Vaezi said the bilateral trade can be tripled to $1.5 billion by the next three years. 

Mustafayev is accompanied by representatives of Azerbaijan’s government and private companies in energy, transport, telecommunications, banking, and oil sectors. 

The two sides will decide on holding the 11th joint economic committee meeting, which will be most likely held in Tehran in the second half of the current Iranian calendar year. 

Azerbaijan was the 12th leading importer of Iranian non-oil goods in the previous Iranian calendar year, which ended on March 20, 2015, according to the Iran Customs Administration.      

Iran exported $435.34 million of non-oil goods to Azerbaijan and imported $22.22 million of non-oil goods from the country.    

In the first three months of the current Iranian calendar year (March 21-June 21), Iran exported $68.43 million of non-oil goods to Azerbaijan and imported $5.57 million of non-oil goods from the country.