Iran aims to significantly boost trade with neighboring Azerbaijan in the coming years, building on a 2024 trade volume of around $900 million, the president of Iran Chamber of Commerce, Industries, Mines and Agriculture said at a bilateral business forum attended by the presidents of both countries.
Speaking at the Iran-Azerbaijan Business Forum in Baku on Monday, Samad Hassanzadeh expressed optimism about deepening economic ties between Tehran and Baku.
"Our goal is to increase the volume of trade to several billion dollars in the coming years," Hassanzadeh said. "This forum should mark a new chapter in strengthening our brotherly relations and expanding joint economic cooperation."
He said Iran’s private sector and business leaders were fully prepared to explore investment and joint production opportunities with Azerbaijani partners.
Hassanzadeh outlined key sectors for collaboration, highlighting transit and transport, particularly the completion of the Rasht–Astara railway—a missing link in the International North–South Transport Corridor (INSTC). The project would reduce shipment times between Asia and Europe and enhance both countries' roles in the global supply chain, he said.
In the energy sector, he pointed to recent tripartite gas swap agreements between Iran, Azerbaijan and Turkmenistan, which have laid the groundwork for expanded cooperation in electricity and gas trade. Joint investments in cross-border energy infrastructure and power plant projects were described as unprecedented opportunities.
Hassanzadeh also emphasized collaboration in agriculture and food industries, including smart farming technologies, greenhouse production, modern irrigation, and exports of processed agricultural products.
Following Azerbaijan’s reclaiming of its territories, he said Iranian firms could play a major role in reconstruction, including in road building, dam construction, electrification, and building hospitals and schools.
Hassanzadeh also identified tourism – especially health, religious, and eco-tourism – as another promising area, citing eased visa regulations and cultural affinity. He added that joint Iran-Azerbaijan tour packages targeting third-country tourists were also under consideration.
To overcome current barriers, Hassanzadeh proposed several measures, including easing visa issuance for business travelers, increasing economic representation offices, resolving banking and payment challenges using national currencies, improving freight movement, and negotiating a free or preferential trade agreement to reduce customs tariffs.
He concluded by expressing hope that the forum would usher in a “remarkable leap” in bilateral trade and investment between the two nations.