0618 GMT February 17, 2020
The MoU was signed by the managing director of the Iranian company, ‘Maral Sanat,’ Mohammadreza Rostami and Emin Akhundov, chairman of the board of directors of AzerMash, reported Trend News Agency.
According to the MoU, each of the Iranian and Azerbaijani companies will enjoy a 50 percent share in the project.
The construction phase of the project is scheduled to begin next month.
Each side will invest €5m for this project.
The factory will have the capacity of manufacturing 1,200 trailers annually.
Rostami said that the project is aimed at supplying the Central Asian market with trailers.
Earlier on Thursday, Iranian Industry Minister Reza Rahmani and Azerbaijani President Ilham Aliyev, in a meeting in Baku, pledged to increase the trade volume between the two countries, adding that the two sides will spare no efforts to boost joint industrial projects.
During the meeting, Aliyev said that bilateral relations between the Republic of Azerbaijan and the Islamic Republic of Iran are developing successfully in political, economic, transport and cultural areas.
Under the joint projects of the two countries, an automobile plant in Neftchala Industrial Zone has been successfully operating, a pharmaceutical plant will be built in Baku, and a foundation stone will be laid for a bus plant in Hajigabul Industrial Zone as part of Rahmani’s visit to Azerbaijan.
The sides stressed the importance of boosting the trade turnover between the two countries, implementing successful projects in the industrial sphere as well as good prospects, and providing additional opportunities for expanding cooperation on this front.
The bilateral economic and energy projects between Azerbaijan and Iran, the North-South International Transport Corridor, the Rasht-Astara railway project, the issues of cooperation in the field of holding exhibitions, signing of memoranda of cooperation were also discussed during the Iranian minister’s visit.
Earlier in mid-March, Tehran and Baku agreed to expand bilateral ties and mutual cooperation in different fields of agriculture.
Iranian Economy Minister Farhad Dejpasand and his Azerbaijani counterpart Inam Karimov discussed mutual cooperation in different fields of agriculture, including extra-territorial cultivation, livestock quarantine and food security, during a meeting late on March 14 in Baku, on the sidelines of the 13th Summit of Iran-Azerbaijan Joint Economic Cooperation.
Meanwhile, Dejpasand met with the Governor of Azerbaijan’s Central Bank Elman Rustamov and the head of Azerbaijan Railway Company, Javid Qorbanov, exploring relevant issues.
Dejpasand hailed the “very successful relations and historical ties” between Iran and Azerbaijan, saying that Tehran aims to boost cooperation with Baku in a wide range of economic fields.
The Iranian minister said that the two countries have very good experience in the implementation of joint projects.