Yekaterinburg, Russia, Sept. 30
By Vagif Sharifov - Trend:
Azerbaijan is interested in intensifying investment activity and operating ties of its companies, further increasing of the trade turnover volumes in general, with Russia and its regions, Niyazi Safarov, Azerbaijani Minister of Economy and Industry, said at the sixth Russian-Azerbaijani interregional forum, being held in Yekaterinburg September 30.
"Azerbaijan is actively cooperating in the investment field with Russia," he said. "Today, more than 600 companies with Russian capital operate in Azerbaijan. Russian investments in the country's economy have recently amounted to more than $ 1.8 billion. Today, the leading Azerbaijani companies successfully operate in the regions of the Russian Federation. Direct Azerbaijani investments in Russian economy have amounted to more than $1 billion for the last 10 years."
Safarov further said that the State Oil Fund of Azerbaijan (SOFAZ) is actively engaged in investment activity in the Russian Federation.
Safarov said that SOFAZ has invested $100 million as a deposit in Gazprombank and $500 million - in the capital of the VTB Bank, adding that SOFAZ has acquired a trade and retail center in Moscow worth $133 million.
Business forums and other events held with participation of entrepreneurs play an important role in developing the investment cooperation, he said, adding that over 40 business forums, 'round tables' and business meetings have been held over the last five years.
The deputy minister noted that the Azerbaijani-Russian cooperation is completely based on the principles of mutual respect and good neighborhood.
"The leadership of both countries attaches great importance to developing the bilateral political and economic relations and numerous mutual visits of the presidents, official visits of our countries' business circle representatives prove that," said Safarov.
He noted that a solid legal framework for cooperation has been created between the two countries which allows to expand the bilateral relations in trade, economic, agricultural, fuel and energy, humanitarian, cultural and other spheres.
The high level of political ties creates favorable basis for steady development of economic relations between Azerbaijan and Russia, according to Safarov.
Edited by SI