According to Public Relation Office of Privatization Organization, following the results of 13thJoint Economic Cooperation Commission,  the bilateral cooperation agreements were inked by Iranian Minister of Economic Affairs and Finance (MEAF) FarhadDejpasand and Azeri Minister of Economic Development "Shahin Mustafayev".

Moreover, Memorandum of Understanding (MoU) was signed between the two sides for setting up factory to manufacture automotive parts in Neftchala Industrial District "located in 168 Kilometers in the southern part of Baku" between Iran’s Ettehad Technical Group and AzerMash Company.  Another Memorandum of Understanding (MoU) was also signed for setting up bus manufacturing company in Hajiqabul industrial company " located in the southern part of Baku" between Iran's Faratel Company as a private one and AzerMash Company. 

Dejpasand in the signing ceremony said, “Islamic Republic of Iran and Republic of Azerbaijan share more commonalities which date back to many years ago in a way that the two friend countries have established amicable interactions since many years ago.”

He pointed to the cooperation documents signed between the two countries for strengthening bilateral relationship and said, “we hope that a joint brand will be supplied in the international markets between Islamic Republic of Iran and Republic of Azerbaijan.”

He went on to say that Tehran and Baku, as the two neighboring countries, can provide a suitable route for the development of neighboring countries.

Dejpasand emphasized that signing cooperation agreements, we can expand the bilateral relations in business, banking, insurance, and scientific fields.

 He also invited Azeri's and Iranian investors to increase their investment levels regarding the favorable business condition. Dejpasand added that we have no obstacle in strengthening the bilateral relation and executing of the agreements.