Azerbaijan, Iran intend to develop ties in field of insurance

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

According to him, expanding ties between the two countries in the insurance sector will help citizens and companies create their own businesses. In turn, the countries 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 Azerbaijan and Iran is transport and transit, particularly involving the development of the international North-South transport corridor.

According to Dejpasand, the construction of the Qazvin – Rasht – Astara (Iran) – Astara (Azerbaijan) railway, a key component of the North-South transport corridor, 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 2 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 non-oil sector in both countries.

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