The delegation will visit Ardabil and Orumieh, where business forums and business meetings will be held, Azer News reported.
The gathering will bring together Iranian and Azerbaijani entrepreneurs from different spheres of activities.
The two countries are eager to develop their non-oil economy, integrate regional transport networks and boost mutually advantageous business projects.
The main areas that the two states are focused on include agriculture, banking sector, pharmaceutics, as well as cooperation within the international North-South Transport Corridor.
Iranian companies have so far invested some $1.2 billion, of which some $145 million were in the non-oil sector. Some 450 companies with Iranian capital are operating in Azerbaijan.
Trade between the two countries reached $15.77 million in January 2017, while the figure for the same month last year was $9.56 million.