Baku, Azerbaijan, Aug. 8
By Anvar Mammadov – Trend:
Azerbaijan is aimed at increasing export and investments to Russia, said Azerbaijan’s Economy Minister Shahin Mustafayev.
Mustafayev made the remarks Aug. 8 during an expanded meeting of the Azerbaijan-Russia and Russia-Azerbaijan business councils in Baku.
“Azerbaijan-Russia relations are developing successfully – our countries are strategic partners,” noted the minister.
“Mutual investments and the trade turnover are growing year by year,” he added. “It pleases us, but our potential is much greater.”
Mustafayev said that the aim of holding sessions of business councils, various business forums is to increase Azerbaijani export and investments to Russia, as well as attracting investments in the non-oil sector of Azerbaijan’s economy.
“It should be considered that Russian market is very important for us,” said the minister. “For this reason, Azerbaijan’s export potential should be expanded and the export to Russia should be promoted.”
Meanwhile, it is necessary to promote mutual investment, he noted.
“I’m confident that the created business councils will contribute to the implementation of these goals,” added Mustafayev.
Total volume of Russian investments in Azerbaijan’s economy amounts to $3 billion. More than 600 enterprises with Russian capital have been registered in Azerbaijan.
Over $235 million of the total volume of Russian investments accounted for Azerbaijani economy’s non-oil sector, while Russia invested $2.8 billion in the country’s oil sector.
Meanwhile, Azerbaijan invested more than $1 billion in Russian economy. Russian companies are also contractors of 10 projects, which are being implemented by public investments.
More than 170 agreements were signed between Azerbaijan and Russia to date, over 50 of which were signed in economic sphere.
Russia is one of Azerbaijan’s main trade partners – over the past six months of 2016, Russia have been holding the second place in Azerbaijan’s trade turnover, the first place – in import, and the sixth place – in export.