Baku reaches agreement with Tehran to ease investment by Iranian companies
Iran and the Republic of Azerbaijan have reached an agreement, which will facilitate investment by Iranian companies in various economic and industrial sectors of its northern neighbor
The agreement was reached on Thursday in a meeting between Iran's Minister of Labor Ali Rabiei and Azerbaijan's Minister of Economic Development Shahin Mustafayev.
According to the agreement, companies affiliated with Iran's Labor Ministry, including the ministry’s Pension Fund and the Social Security Investment Company will be able henceforth to invest in economic and industrial sectors in the Republic of Azerbaijan.
During the meeting, Rabiei highlighted Iranian President Hassan Rouhani's firm resolve to boost cooperation between Tehran and Baku in all fields, emphasizing that mutual visits between officials of the two countries will be instrumental in this regard.
He also called for more technical and engineering cooperation between the two countries in the fields of mine prospecting as well as oil and gas industry.
The Iranian side also declared its readiness to train Azerbaijan’s technical and engineering experts.
The Azeri side, for his part, called for further expansion of relations and cooperation between the two countries, highlighting the importance of Iran-Azerbaijan Joint Economic Commission’s activities for developing bilateral economic relations.
Since the election of the new Iranian administration, the two neighbors have been taking steps to bolster relations in all fields as international sanctions against Iran start to lose their force.
Last November, Iran's President Rouhani met with his Azeri counterpart, Ilham Aliyev, in the Azeri capital city of Baku underscoring the need for further expansion of cooperation between Tehran and Baku in different domains.
Iran and the P5+1 group of countries – the US, the UK, France, Germany, Russia and China – reached an interim agreement on the Islamic Republic’s nuclear program in the Swiss city of Geneva last November, which led to relative loosening of sanctions against Iran, paving the way for further cooperation in various economic fields between Iran and other countries.
Iran and the six countries also reached a mutual understanding on April 2 in the Swiss city of Lausanne, which is considered a prelude to the achievement of a comprehensive deal by the two sides.
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