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Politics
2016-April-22  17:43

Iran, Azerbaijan Ink 3 MoUs

TEHRAN (FNA)- Tehran and Baku signed three cooperation pacts at the presence of Iranian Communications and Information Technology Minister Mahmoud Vaezi and Azeri Economy minister Shahin Mustafayev in Azerbaijan's capital.

The first MoU was signed between Iran's Darou Pakhsh Company, Azerbaijan Investment Company” OJS and Azersun Holding MMC on producing pharmaceutical products in accordance with the international standards.

Sumgait Chemical Industrial Park MMC and Iran’s Darou Pakhsh companies also signed a Memorandum of Understanding on producing pharmaceutical products in accordance with the international standards in the territory of Sumgait Chemical Industrial Park.

According to the memorandum of understanding (MoU), a total of 52 drug items will be produced in the joint production unit.

Azerbaijan Investment Company and Azevrocar MMC signed a Memorandum of Understanding on producing automobile and its relevant spare parts in Neftchala Industrial District.

In a relevant development in February, Vaezi said that Iran and Azerbaijan need to enhance their ties in energy, transportation, oil, gas and petrochemical sectors.

"Economic relations between Tehran and Baku must enhance now that the two countries are in good political terms," Vaezi said in a meeting with Mustafayev in Tehran at the time.

Vaezi said precise plans must be devised to bolster economic ties between the two neighboring states so that the difficulties caused by the oil price slump would decrease.