TEHRAN- During the trip of Iranian Industry, Mining and Trade Minister Reza Rahmani to Azerbaijan, the two sides agreed to expand bilateral industry relations, IRNA reported.

In this due, the two neighbors inked a memorandum of understanding (MOU) on the joint manufacturing of trailers in Hajigabul Industrial Estate, 113 kilometers far from Baku.

The MOU was signed on Friday by Mohammad Reza Rostami, the managing director of Iranian company Maral Sanat, and Emin Akhundov, the board of directors’ chairman of Azerbaijani company AzerMash, in the presence of Rahmani and Azerbaijani Economy Minister Shahin Mustafayev.

Based on the MOU, each of the Iranian and Azeri companies will enjoy 50 percent share in the project.

The construction phase of the project is scheduled to get started next month.

Each side will invest €5 million for this project.

The factory will have the capacity of manufacturing 1200 trailers annually.

Rostami said that the project is aimed at supplying Central Asian market with trailers.

Speaking on the sidelines of the signing ceremony, Mustafayev stressed the need to set up joint industrial estates in the borderlines of the two countries.

During his stay in Baku, Rahmani and Azerbaijani President Ilham Aliyev in a meeting pledged to increase the trade volume between the two countries, adding that the two sides will spare no efforts to boost joint industrial projects, Fars news agency reported.

Rahmani also inaugurated an Iranian trade center in Baku during his trip to Azerbaijan.

In his visit to Tehran in early March Mustafayev had discussed expansion of economic and energy ties between Iran and his country with his Iranian counterpart Farhad Dejpasand and Iran’s Energy Minister Reza Ardakanian.

In a meeting between Dejpasand and Mustafayev, which was held at the place of Iranian Ministry of Economy, the two sides agreed on signing monetary, financial and banking contacts, and also expanding economic cooperation between Iran and Azerbaijan, especially on the completion of the International North–South Transport Corridor (INSTC) project.

Mustafayev also visited Iranian Energy Minister Reza Ardakanian at the place of Iranian Energy Ministry.

Speaking to reporters after the meeting, Ardakanian said that the next meeting of Iran-Azerbaijan Joint Economic Committee would be held in Azerbaijani capital city, Baku, in the near future.

Mustafayev, for his part, said that besides their bilateral cooperation, Iran and Azerbaijan are trying to lay the ground for trilateral cooperation in a way to take the advantage of possible opportunities, adding, “In our today meeting we discussed trilateral cooperation between Iran-Azerbaijan-Russia, between Iran-Azerbaijan-Georgia, and between Iran-Azerbaijan-Turkey and we believe that there are many potentials in this due.”

MA/MA