Trade turnover of Iran and Azerbaijan may surpass $300 million

The volume of trade turnover between Iran and Azerbaijan currently stands at about $100 million but it must increase considerably, the Iranian deputy minister of industry, mine and trade, Hossin Esfahbodi, said on the sidelines of the ongoing Iran Project 2016 in Baku, Vestnik Kavkaza reports.

Elaborating on existing trade capacities between the two countries, the deputy minister said that the current level of turnover is not satisfactory and it must surpass $300 million over the next year.

Over 50 Iranian companies specializing in oil, gas, construction, pharmaceutical, car making and other industrial spheres have showcased their capabilities during the three-day exhibition.

The volume of trade turnover between the two countries soared by 70%over the first seven months of the current year, Trend reports.