News ID: 219399
Published: 0313 GMT August 05, 2018

Azerbaijan, Iran seeking to create economic development HQ

Azerbaijan, Iran seeking to create economic development HQ

Tehran and Baku plan to establish the Iran-Azerbaijan Economic Development Headquarters, said secretary general of Transportation and Logistics Federation of Iran.

Mohammad Eyqarloo told Trend News Agency, "The proposal to set up the Iran-Azerbaijan Economic Development Headquarters was made during a recent joint chamber of commerce meeting between the two countries."

Eyqarloo noted that a similar headquarters was formed between Iran and Iraq, which has had good results.

He further described the Tehran-Baku ties as good, saying, "Azerbaijan could act as a terminal to transfer Iranian goods to other countries.

"Iran could also import wood from Azerbaijan, which could be very economical."

Eyqarloo referred to the International North-South Transport Corridor (INSTC), a multi-model route to link India and the Middle East to the Caucasus, Central Asia and Europe, and said, "Iran's Ministry of Roads and Urban Development pays special attention to the route and is pursuing to complete it."

The INSTC will connect Iran to Russia's Baltic ports and give Russia rail connectivity to both the Persian Gulf and the Indian rail network.

This means goods could be carried from Mumbai to the Iranian port of Bandar Abbas and on to Baku. They could then cross the Russian border into Astrakhan before proceeding to Moscow and St. Petersburg and on to Europe.

Once completed, the INSTC is expected to increase the volume of commodities currently traded between Iran and Azerbaijan from 600,000 tons to five million tons per year, dramatically increasing bilateral trade from the current $500 million per year.

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