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EghtesadOnline: Minister of Economy of Azerbaijan Republic Shahin Mustafayev in a press conference on Saturday expressed satisfaction of his recent visit to Iran, and said that in year 2016 trade exchanges between the two countries increased almost 70 percent.

Economic delegation of Azerbaijan Republic heading by Shahin Mustafayev visited Iran on February 22 to 24, 2017.

The minister said that President Ilham Aliyev believes in special importance for relations with Iran, according to IRNA.

He said presidents of the two countries have visited each other for seven times in the past three years and in the same period 100 reciprocal travels took place between officials of the two states and 40 cooperation documents were signed.

More than 530 Iranian companies are active in different fields of economy in Azerbaijan Republic, he announced, adding, 'Almost 2.7 billion dollars have been invested by Iran in Azerbaijan Republic.'

He called Iran as important commercial partner for his country and said that common activities of the two neighboring countries in direction of execution of a number of economic projects successful, and added that the first stage of completion of international corridor of north-south has ended and in this framework a 8.3 kilometers railway in Azerbaijan Republic and a rail bridge in common border of the two states have been constructed and works to build 1.7 kilometers railway and a cargo terminal in Iran territory is continuing, Mustafayev said.

He said that last year a 330-kilovolt electricity transfer line were sat up and a joint venture auto maker company founded in Azerbaijan Republic as well as a joint venture pharmaceutics plant.

Concerning facilitating visa for foreign tourists, Mustafayev said that according to recent order of President Aliyev the Iranian tourists may receive electronic visa in a 3-day process.

He also underlined existing good capacities for cooperation between Azerbaijan Republic and neighboring Iranian provinces in the fields of agriculture, food industries, transport and tourism.

Iran-Azerbaijan trade Shahin Mustafayev