TEHRAN – Iran and Azerbaijan inked four memorandums of understandings (MOUs) at the presence of Azerbaijani Economic Minister Shahin Mustafayev and the visiting Iranian Communications and Information Technology Minister Mahmoud Vaezi in Baku on April 21.

Officials of Azerbaijani and Iranian relevant bodies also attended the signing ceremony, IRNA news agency reported.

The signed agreements include the MOU between Iran’s Darou Pakhsh Company, Azerbaijan Investment Company OJS, and Azersun Holding MMC on producing 52 kinds of medicine in a site near Baku and also a cooperation pact between Darou Pakhsh and Azerbaijan’s Sumgait Chemical Industrial Park MMC on establishing related production unit in the territory of Sumgait Chemical Industrial Park.

Another agreement was inked between Iranian car manufacturer Iran Khodro and Azerbaijani Azevrocar MMC on producing automobile and spare parts in Azerbaijan’s Neftchala Industrial District.

“The signed contracts are a sign of confidence between the two countries’ private sectors and will pave the way for expansion of mutual cooperation in future,” Vaezi who is also the Iranian co-chairman of the Iran-Azerbaijan Joint Economic Committee said, underlying the vitality of removing the obstacles on boosting the trade ties between Tehran and Baku.

“Bilateral trade volume between Iran and Azerbaijan increased by 53 percent during the first three months of 2016,” the Iranian minister noted.

 ‘Iran-Azerbaijan rail bridge to develop bilateral economic ties’

During his two-day stay in Baku, Vaezi also attended the ground breaking ceremony for the construction of a railway bridge over Astara river on Azerbaijan-Iran border.

The bridge is a part of the North-South international transport corridor that connects Europe to India by passing through Azerbaijan and Iran, lessening shipment time from 40 to 14 days end-to-end.

Iranian minister said that the railway bridge will play an important role for the development of economic and commercial links between Azerbaijan and Iran, especially expansion of cooperation in cargo transportation.

Mustafayev, for his part, said: “This railway bridge will increase cargo turnover between our countries, and will be completed by end of 2016.”

He also stressed Azerbaijan-Iran relations developed in all spheres.

He noted that political wills of their president, as well as recent mutual visits and meetings play an important role in the development of the relations.

“Azerbaijani president’s visit to Iran on February 23 and documents signed within this visit are very significant in the development of our relations,” the official added.

HJ/MA