News ID: 257185
Published: 0232 GMT August 12, 2019

Minister: Iran, Azerbaijan intend to develop ties in field of insurance

Minister: Iran, Azerbaijan intend to develop ties in field of insurance

Iran and Azerbaijan intend to develop ties in the insurance sector and are also planning to create a joint investment fund, said Iranian Minister of Economic Affairs and Finance Farhad Dejpasand.

He added expanding ties between the two countries in the insurance sector will help citizens and companies create their own businesses, Trend News Agency reported referring to Iranian media.

In turn, they will guarantee the integrity of their real estate and finances, which will increase the volume of mutual investments.

Thanks to a favorable business environment in Azerbaijan, Iranian companies are expanding their activities in various fields, including industry, construction, services, communications, trade, transport and agriculture.

An important field for cooperation between Iran and Azerbaijan is transport and transit, particularly involving the development of the International North-South Transport Corridor (INSTC).

Dejpasand noted that the construction of the Qazvin-Rasht-Astara (northern Iran)-Astara (Azerbaijan) railway, a key component of the INSTC, is underway.

The Qazvin-Rasht section of the road has already been commissioned, and work on the Rasht-Astara line is ongoing.

The construction of the Rasht-Astara line will be completed within the next two years, and a connection will be established between the railway systems of Iran and Azerbaijan, which will create favorable conditions for the further development of the nonoil sector in both countries.

Dejpasand also noted that the creation of a joint international investment fund is being discussed.


Resource: Trend News Agency
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