Azerbaijan to further develop cooperation with Russia`s regions (PHOTO)

Photo: Azerbaijan to further develop cooperation with  Russia`s regions (PHOTO) / Business News

Baku, Azerbaijan, April 3
By Emin Aliyev - Trend:

Azerbaijan intends to further continue cooperation with Russian regions, Deputy Minister of Economy and Industry of Azerbaijan Sahil Babayev said at the Azerbaijani- Russian business forum held in Baku on April 3.

Our country successfully cooperates with 78 entities of the Russian Federation, herewith intergovernmental commissions were created with four of them and operate successfully, he said. "Economic development in our country has led to the fact that the Azerbaijani entrepreneurs have the necessary resources to invest abroad, and we are interested in further development of investment activity."

Over the past 10 years the volume of Azerbaijani investments in the Russian economy amounted to around $1 billion. The volume of these investments amounted to $200 million in 2013. About 570 Russian companies operate in the country, Azerbaijani Minister of Economy and Industry, Shahin Mustafayev said earlier. Over $628 million was invested in fixed capital.

The foreign trade turnover between Azerbaijan and Russia amounted to $2.58 billion in 2013 which is by 10.47 percent more than in 2012, according to Azerbaijani State Customs Committee. The export to Russia amounted to $1.078 billion, while the import of goods from Russia to Azerbaijan totaled $1.505 billion during the reporting period.

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

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