IRNA � The joint economic conference of Iran and Azerbaijan opened in Baku on Thursday in the presence of the two countries' presidents.

Iran's President Hassan Rouhani who arrived in Baku on Wednesday for an official visit to the Caspian Sea neighboring country, is heading a high-ranking delegation in the conference.

He and his Azerbaijani counterpart Ilham Aliyev signed eight agreements and memoranda of understanding on Wednesday to open a new page in political and economic relations between the two countries.

One of the main goals of Iran and Azerbaijan, as two oil-rich countries, is to put an end to their single-product economies that are relying on oil revenues. They are determined to diversify their economies using possible capacities in non-oil economic opportunities.

The joint economic conference is a step toward realizing the goals and using economic capacities in various fields.

The trade exchange bwtween Iran and Azerbaijan in the past Iranian calendar year crossed one billion dollars, with a growth of 16 percent. Iran's investment in Azerbaijan's economy has hit 3 billion dollars.

Opening a joint automaking factory, inauguration of Astara railway project and a local electric power facility are among other programs in President Rouhani's itinerary.

Iran's Minister of Industry, Mines and Trade Mohammad Shariatmadari, Minister of Roads and Urban Development Abbas Akhoundi, and presidential advisor for economic affairs Mohammad Nahavandian are also present in the conference.