ECONOMY


Iran intends to expand economic and trade relations with Russia through Azerbaijan

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Tehran, October 7, AZERTAC

The trade turnover between Azerbaijan and the Islamic Republic of Iran this year reached $ 680 million, while last year it was $ 500 million, Deputy Head of Iran's East Azerbaijan Province, Said Shabistari told the local press.

East Azerbaijan Province shares 20 percent of the $ 680 million trade turnover. The province borders with Azerbaijan what creates favorable conditions for the development of relations. The Province is one of the developed regions of Iran in industrial and agricultural areas. Fruits and vegetables are exported from the region to Azerbaijan.

Mr. S. Shabistari stated that Azerbaijan is an important neighboring state for Iran. Iran intends to expand economic and trade relations with Russia through Azerbaijan. Speaking about the created great opportunities for the Azerbaijani businessmen to invest in the region, Mr. S. Shabistari stressed that, "Araz" free economic zone covers a large area and certain tax incentives are applied to investors.

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