Iran-Azerbaijan joint auto factory inaugurated
Iran's President Hassan Rouhani and his Azerbaijani counterpart Ilham Aliyev opened the car factory in a ceremony.
Rouhani arrived in Baku on Wednesday for an official visit to the Caspian Sea neighboring country at the heading a high-ranking economic and political delegation.
The two presidents earlier signed eight agreements and memoranda of understanding on Wednesday to open a new page in political and economic relations between the two countries.
The construction of the joint car factory began in 2016 in an industrial area, known as Neftcala, 18 km south of Baku.
The factory is one of the biggest manufacturing units in the area with a capacity of manufacturing 10,000 sedans a day in various models.
Iran Khodro owns 25 percent of the shares.
At the factory, equipped with modern machinery, Rana, Samand, Dena, Peugeot 206 and 207, Renault Pickup, and Renault Tondar will be manufactured.
Iran has so far invested 24 million Azerbaijani manat (1 manat: 0.59 US dollars) in the car factory.
The first phase of railway project connecting Iran's Astara to Azerbaijan's Astara and its terminal that was inaugurated a few days ago was symbolically opened by in the two countries' presidents. ■