Over the past year, more than 70% trade growth between Azerbaijan and Iran indicates the development of mutual relations, both countries being keen on the implementation of mutually beneficial business projects, in a bid to stimulate trade volume, according to the Iranian Minister of Economic Affairs and Finance, Farhad DEJPASAND.

As he noted, both countries will expand cooperation in the insurance sector and create a joint investment fund. "Partnerships in the insurance industry will help citizens and companies to build businesses. The states will guarantee their property and finances. This will increase mutual investment," DEJPASAND added.

The minister also emphasized that Iranian businesses operating in Azerbaijan has increased. Trade between Iran and Azerbaijan amounted to USD 400 million last year. This year, the figure is expected to exceed USD 600 million, AzerNews agency wrote.

Azerbaijan moved up 11 places in the Global Competitiveness Report in 2019, to become the 58th most competitive economy in the world, the World Economic Forum (WEF) has reported. The improvement in Azerbaijan's macroeconomic indicator was influenced by the slowdown in inflation in the country in 2018.

According to the Developed financial markets indicator, the WEF notes the improvement of small and medium-sized businesses financing, the growth of market capitalization, and the growth of insurance market premiums. Among the negative factors, a low level of lending to the private sector was noticed.