Azerbaijan invests about $ 1 billion in Russia over 10 years (PHOTO)

Baku, Azerbaijan, March 13

By Emin Aliyev - Trend:

The Azerbaijani investments in the Russian economy amounted to about $1 billion over the past 10 years, Azerbaijani Economy and Industry Minister, Shahin Mustafayev said during the Azerbaijani-Russian business forum held in Baku on March 13.

"Last year alone, the volume of investment amounted to about $ 200 million. The economic development of our country has led to the fact that Azerbaijani entrepreneurs have the necessary resources for making investment abroad, and we are interested in the further development of investment activity," he said.

At the same time, about 570 Russian companies operate in the country, according to Mustafayev.

"Herewith, more than $ 628 million was invested in the fixed capital. Free trade between our countries, and the dynamics of trade turnover are pleasing- it made up almost $ 2.6 billion last year, which is 10 percent higher than in 2012," Mustafayev added.

The Sverdlovsk region of Russia is one of the most important partners of Azerbaijan among regions of the country, the minister stressed.

"The trade turnover between Azerbaijan and Russia made up about $277 million last year, with more than a two-fold increase for the year . Azerbaijan is interested in further development of this cooperation , the priorities of which are mechanical engineering , steel metallurgy , creation of joint logistics centers and others," the minister added .

A memorandum of understanding was signed in accordance with the results of business forum between Azerbaijan Export and Investment Promotion Foundation (AZPROMO),and Ural Chamber of Commerce ( UTPP )

The document was signed by the head of AZPROMO Rufat Mammadov and UTPP President Andrew Besedin .

Translated by S.I.
Edited by C.N.

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