Neftchala, August 6, AZERTAC
A foundation stone has today been laid for a car plant in the Neftchala Industrial District under a joint project implemented by Azerbaijan’s Azevrocar and Iranian Iran Khodro companies.
Azerbaijani Minister of Economy Shahin Mustafayev and Iranian Minister of Industries and Mines Mohammad Reza Nematzadeh attended the ceremony.
The plant will have a yearly production capacity of 10,000 cars. It is expected to create 300 jobs. The project costs an estimated $15 million.
The Azerbaijani and Iranian ministers viewed some car models to be produced here and conditions created for entrepreneurs in the Neftchala Industrial District.
In his remarks, Minister Mustafayev said the plant would occupy a total area of 10 hectares. “25 per cent of the investments will be made by Iranian companies, while the rest 75 per cent will be invested by private Azerbaijani companies.”
Iranian Minister Nematzadeh said “the friendly and neighboring” Azerbaijan and Iran had enjoyed developing relations recently thanks to efforts of the two countries` heads of state.