Rafat Mohammadov said at a conference themed 'Role of Railway in Facilitating International Transportation' late Saturday that the impact of good relations between the two countries' presidents on regional economy is evident as joint investment has increased and political resolves are growing constantly, IRNA reported.
"Iran and Azerbaijan Republic are investing $20 million to build an automobile factory in Azerbaijan Republic," Mohammadov said, adding that once completed, the factory will be lucrative for both sides.
Baku is one of the top tourism destinations for Iranians who can receive electronic visa to the country, he said.
Railway transportation is also among the most significant features of Iran-Azerbaijan economy, he said, describing the construction of passenger terminal in Iran's Astara railway station as essential.
Meanwhile, representative of Iran-Azerbaijan Republic Joint Economic Cooperation Commission said that Azerbaijan has invested $312 million in 25 Iranian projects.
Abulfazl Koudei further said at the conference that Azerbaijan Republic will invest $500 million in the Rasht-Astara railway project and $60 million in the construction of Astara dock.
Trade between the two countries has increased from $405.342 million in 2016 to $662.350 million in 2017, he said.
Iran is determined to promote trade ties with Azerbaijan Republic, he said, noting that it welcomes any type of foreign investment.