Russian economic development minister to visit Baku

Photo: Russian economic development minister to visit Baku / Economy news

Baku, Azerbaijan, May 30

By Emin Aliyev - Trend:

A Russian delegation, headed by Russian Economic Development Minister Alexei Ulyukayev will arrive in Baku on June 1, the Azerbaijani Ministry of Economy and Industry told Trend on May 29.

"The minister will hold meetings with the Azerbaijani government, as well as examine some facilities operating in the country, including the Sumgait Technology Park as part of a three-day visit," the ministry said.

Ulyukayev met with Azerbaijani Minister of Economy and Industry Shahin Mustafayev during the 18th St. Petersburg International Economic Forum last Saturday. Some draft documents, namely, an intergovernmental agreement on mutual encouragement and protection of investments, a memorandum of cooperation between the economy ministries of the two countries, as well as the Azerbaijani-Russian intergovernmental agreement on the establishment of the Azerbaijani trade fair center in the territory of All-Russian Exhibition Center were discussed at the meeting.

Russia is the main trade partner of Azerbaijan in the CIS. Currently, some 570 companies with Russian capital operate in Azerbaijan. The Russian side has recently invested $628.4 million in the fixed capital of Azerbaijan, while Azerbaijani investments in the Russian economy for the past 10 years accounted for nearly $1 billion.

At present, there are intergovernmental commissions among Azerbaijan and four entities of the Russian Federation.

The agreements on cooperation in trade-economic, scientific-technical and cultural spheres were signed with 14 entities.

Trade turnover between Azerbaijan and Russia increased by more than 10 percent to about $ 2.6 billion in 2013. It amounted to $584.08 million for the first four months of this year, according to the Azerbaijani State Customs Committee.

edited by CN

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