Iranian and Azerbaijani officials recently broke ground for a joint venture car manufacturing project in Azerbaijan’s Neftchala Industrial Region, said a report.

The production capacity of the plant, jointly run by Iran Khodro and Euro Car of Azerbaijan Republic Company, is expected to be 10,000 sedan cars per year and it will create 300 jobs, added the Iran Daily News report, citing IRNA.

Minister of Industry, Mine and Trade Mohammadreza Nematzadeh and Minister of Economy of Azerbaijan Republic and co-chairman of Azerbaijani joint economic commission Shahin Mustafayev attended the ceremony.

Mustafayev said that an investment of $15 million will be made in the auto-manufacturing plant of which 25 per cent will be borne by Iran Khodro Company.

The plant will be commissioned in 2018, added the report.