Baku Port receives new equipment from China
Baku International Sea Trade Port has received 34 forklifts from the China International Center for Economic and Technical Exchanges.
The equipment, the total cost of which is about $2 million, was transferred to the Port of Baku on the basis of an intergovernmental grant agreement signed between China and Azerbaijan.
The equipment includes 16 forklifts with carrying capacity from 1.5 to 20 tons, two 45-ton telescopic container loaders, three 30-ton trailers for tractors, one 220-ton crane and other equipment.
The Port in Alat, which will become the largest port on the Caspian Sea, is an important part of Azerbaijan's transport infrastructure.
The Port of Baku is located on an area of 400 hectares of land, of which about 100-115 ha cover the area for the development of the international Logistics and Trade Zone. The northern areas around the port are reserved for future expansion of logistics, industrial, and manufacturing activity.
The port is expected to become one of the leading trade and logistics hubs of Eurasia. The implementation of all three phases of construction is projected to increase the capacity up to 7,660 tons on a daily basis.
Located at the intersection of the East-West and North-South transport corridors, the new Baku International Sea Trade Port, the construction of which is an integral part of the policy of turning Azerbaijan into an important transport and logistics center of the region, plays a crucial and important role in expanding the country's transit capacities.
The Khazar plant was opened during a two-day visit of Iranian President Hassan Rouhani to Azerbaijan. The annual capacity of the plant is about 10,000 cars. These cars are expected to be delivered to Ukraine, Russia and Central Asia countries in the future.
Iran Khodro and subsidiary of AzerMash AzEuroCar LLC signed an agreement on August 6, 2016, on the establishment of a joint automobile plant in the Neftchala Industrial Park. The total cost of the project is estimated at $14.11 million. Azerbaijan invested 75 percent of the funds, while Iran invested 25 percent.
Earlier, AzEuroCar informed that the new cars will meet Euro 5 standard. The plant intends to cooperate with the Sumgayit Industrial Park and SOCAR’s new plant.
Azerbaijan and Iran have had diplomatic relations since 1918. Political and economic ties between the two countries have increased in recent years and the two sides have made serious efforts to boost mutual ties. Azerbaijan and Iran have already prepared grounds for private sector investors in order to improve mutual cooperation. Currently, about 450 companies with Iranian capital operate in Azerbaijan.
In 2017, the trade turnover between Azerbaijan and Iran amounted to $257 million, which is 16 percent more than in 2016. In January-February 2018, the trade turnover between Azerbaijan and Iran amounted to about $43 million.