(Persia Digest) - The commercial attaché of the Iranian Embassy in the Republic of Azerbaijan announced the registration of an automobile manufacturing company jointly produced by the two countries and stated: "We will soon witness the manufacture of five different car models in this joint venture between Iran and Azerbaijan.”
Mohammad Ebrahim Naghizadeh added: “This joint company called Azcron has been registered in this country with a participation share of 75% by the Azmash Company of Azerbaijan and 25% share by Irankhodro Company of Iran.
According to the commercial attaché of the Iranian Embassy in Azerbaijan, this manufacturing factory is in its final stages of construction and it is anticipated that it will become operational by the end of this year.
By stating that the manufacturing capacity of this automobile production company is 10 thousand cars per year, he added: “The production target setting for its initial manufacturing capacity is three thousand automobiles and in the later stage will be five thousand automobiles annually manufactured jointly by this company.
It is worthy to note that this factory is located 175 kilometers from the city of Baku and is near the Chala oil field.
At present, 546 Iranian companies are engaged in activities in the Republic of Azerbaijan. In the past four years, more than 40 cooperation documents have been signed between the two countries. The construction of a joint automobile manufacturing factory and a pharmaceutical plant in Azerbaijan are among these projects.