Professor: Russia, Azerbaijan should enhance technological co-op between business entities

Professor: Russia, Azerbaijan should enhance technological co-op between business entities

Baku, Azerbaijan, April 11

By Matanat Nasibova - Trend:

There has been quite a high level of volatility In the global economy in recent years, with turbulence being observed directly in the financial market as well, and the global financial crisis of 2008-2009 became clear manifestation of this, deputy director of the Russian School of Economics, Professor Elshad Mammadov said.

He made the remarks at the round table meeting on the topic “Security Problems of the South Caucasus and the Caspian region countries” held in the press center of Trend News Agency.

He said that global economy is switching to the stage of the formation of a new, already the sixth technological order, the geography of centers of activity, and the structural component of economic development are changing.

“This sets new challenges for the national economies of Azerbaijan and Russia, which have many similarities,” he noted. “To some extent, this is related to our Soviet past and, at the same time, to a large extent to the key areas of our economies of those times, namely, the energy, oil and gas spheres. This puts before our governments a choice in terms of options for diversifying our economies, because the new technological order comprises first of all restrictions related to the use of energy, the transition to new alternative energy options, diversification towards high-tech areas.”

He added that positive dynamics in trade is one of the key points in the sphere of cooperation between Russia and Azerbaijan.

“There is a definite tendency towards stabilization,” he said. “At the same time, the figure of $2.5 billion is very far from the potential that our countries have. I believe that by 2025 we will be able to talk about trade turnover of at least $10 billion, but for this it is necessary to increase investments, the level of technological cooperation between our economic entities, and this is one of the key tasks of the economic blocs of Russia and Azerbaijan.”

“From the point of view of our non-oil sector, and given that Azerbaijan is implementing a policy of diversifying the economy, Russia is a priority direction,” he said. “It is very important to implement investment programs in the near future, to switch to mutual settlements in our national currencies, which, given the scientific and economic analysis, is quite a realistic prospect. For this, it is necessary to carry out a set of measures so that this transition is directed towards the improvement of our foreign trade and so that business entities don’t suffer from this. First of all, it is necessary to ensure the stability of our national currencies, and here I would like to note that over the past three years, the Azerbaijani manat has maintained its position at a stable level, which, unfortunately, cannot be said about the Russian ruble.”

Mammadov noted that both Azerbaijan and Russia have a rather impressive positive balance, a substantial external trade balance, and with an adequate policy, it won’t be difficult to achieve stability in the foreign exchange market and sustainability in terms of faster investment growth.

The event participants discussed Russian-Azerbaijani cooperation in the context of new challenges for the Caspian region, the development of North-South, East-West transport corridor systems as a condition for ensuring security of the Caspian region.

They also discussed signing of the “Constitution of the Caspian Sea” in the context of ensuring regional security in the South Caucasus, regional conflicts and security in the South Caucasus, the fight against terrorism in Azerbaijan, the deepening of economic ties between Azerbaijan and Russia in the light of the formation of a new technology structure in the global economy and economic security, as well as intensification of regional integration and the coordination of the actions of the Eurasian countries in removing tensions and preventing new challenges, the problem of mutual understanding of the North and South Caucasus as a common security system for border states.

From the Azerbaijani side, Azerbaijani MP Rasim Musabayov, head of the Expert Council of the Baku Network, Ph.D. Elkhan Alasgarov, moderator and expert Gulnara Mammadzade, editor-in-chief of the Sputnik-Azerbaijan news agency Ilgar Valizade, professor of Azerbaijan University of Economics Elshad Mammadov, senior adviser of the Baku International Multiculturalism Center Tofiq Abbasov, national security expert, doctor of law Professor Kamil Salimov took part in the meeting.

Stanislav Chernyavsky, director of the Center for Post-Soviet Studies at Moscow State Institute of International Relations, Konstantin Kurylev, director of the Center for Studies of Post-Soviet Countries and Leonid Gusev, senior researcher at the Moscow State Institute of International Relations of the Russian Foreign Ministry participated from the Russian side.

---

Follow the author on Twitter: @MatanatNasibova

Subscribe to Trend in Google News! Subscribe
Booster dose of vaccine required to prevent severe course of COVID-19 - Azerbaijani doctor
Booster dose of vaccine required to prevent severe course of COVID-19 - Azerbaijani doctor
Azerbaijan's TABIB recommends booster COVID-19 vaccination to strengthen immunity (UPDATE)
Azerbaijan's TABIB recommends booster COVID-19 vaccination to strengthen immunity (UPDATE)
Citizens of two more countries allowed to enter Azerbaijan by air
Citizens of two more countries allowed to enter Azerbaijan by air
Loading Bars
Latest
Georgian Parliament Speaker meets NATO Deputy SG
New US ambassador to Turkey presents credentials to President Erdogan
Embassy of India in Baku celebrated Republic Day of India on 26th January 2022
Booster dose of vaccine required to prevent severe course of COVID-19 - Azerbaijani doctor
Citizens of two more countries allowed to enter Azerbaijan by air
Health structures in Azerbaijan talk COVID-19 vaccine certificate validity
Uzbekistan reveals total assets and liabilities of its banks for 2021
Uzbek Central Bank notes increase in volume of deposits for 2021
Price indexes of industrial, construction sectors at Uzbek stock exchange fall
Azerbaijan says high infectiousness, short incubation period of Omicron strain lead to infection rate growth
Georgia’s parcel shipping companies talk service tariffs in 2022
Rebalancing India’s Foreign Policy
SOCAR to supply spot pipe gas to Turkey
French ambassador convinced by importance of France-EU-Azerbaijan space co-op
Passengers of all three delayed AZAL flights on Baku-Istanbul route depart to destination airport
Advantages of using modernized floating power units in Kazakh copper project named
Azerbaijan to increase gas supplies to Turkey
Azerbaijan pays special attention to restoration of liberated lands - Permanent Representative to UN
OPEC+ expected to stick to planned March output target increase
Sweden sets new daily COVID-19 case record
Azerbaijan maintains positions in Global Firepower 2022 rating
Israel's Partner Comms gets fibre deal to connect East and West
Turkmen Commodity Exchange discloses data on imports from Azerbaijan
Georgia’s Hualing FIZ works close with Azerbaijani investors - CEO (Exclusive)
Kazakhstan to continue implementing measures to battle inflation
Iran, Azerbaijan negotiating to change truck transportation route to outskirts of Astara city - RMTO
Russia pays priority attention to macroeconomic stability - Vladimir Putin
EU, KfW, AFD to maintain support for Georgia’s energy sector
Azerbaijan shares data on number of vaccinated citizens
Turkmenistan, Afghanistan plan to accelerate work on TAP
Uzbekistan and Pakistan to work on preferential trade agreement
Azerbaijan's credit rating at 'BB+/B' neutral for its Eurobonds - Gazprombank
Azerbaijan confirms 3,192 more COVID-19 cases, 1,259 recoveries
Azerbaijani opposition member spared jail over sex attack on vulnerable woman in UK
Iran announces several economic executive orders
Iran seeks foreign investment for Rasht-Astara Railway Project
10 foreigners among Padma awardees
Uzbek Statistics Committee shares data on imports of electric cars
Road bridge across Astarachay River to be breakthrough in dev't of "North-South" ITC project
Georgia’s commercial banks increase net loans issuance
Kazakhstan cancels launch of methanol & olefin plant in Mangystau
AT&T profit beats estimates on strong streaming growth
Azerbaijan records decrease in loans issued for industry and manufacturing
India better placed to meet challenges: Ram Nath Kovind
Iranian president expresses openness to direct talks with US
Azerbaijan's MFA congratulates India on occasion of India's Republic Day
Azerbaijan's TABIB recommends booster COVID-19 vaccination to strengthen immunity
Azerbaijani defense minister continues official visit to Iran (PHOTO)
No one should doubt that new legislation on media in Azerbaijan will meet modern developments - Azerbaijani Media Dev't Agency
Azerbaijan's Rabitabank discloses net profit for 2021
SOCAR’s production union overfulfills production plan
Armenian PM Pashinyan tests positive for COVID-19
Iran reveals trade turnover with Caspian Sea countries
Hualing FIZ CEO talks new projects launched in 2021 (Exclusive)
SOCAR Carbamide’s revenues grow six-fold
STAR Refinery, Petkim see significant increase in recycling rate
Turkmenistan's Halkbank opens tender for audit
Russian companies submitted 14 applications for participation in restoration of Azerbaijan’s liberated territories - ambassador
SOCAR Turkey talks on prospects for new line of production at Petkim
Baku preparing to host FIG Trampoline Gymnastics World Cup
Uzbekistan notes overall increase in exports within 2021
Ambassador Bocharnikov talks increased number of Russia-Azerbaijan flights
Remains of Armenian soldier found in Azerbaijan’s liberated Jabrayil district
Moscow shares Azerbaijani President Ilham Aliyev's approach, vision on trilateral working group - ambassador
Kazakh project for copper-gold deposit dev't may receive nuclear-powered icebreaker
Ambassador talks expected visits of Russia's businessmen to Azerbaijan
Bank of Georgia allocates funds to local shoemaking company for exporting goods to US
Russian ambassador talks upcoming 20th anniversary meeting of Russia-Azerbaijan intergovernmental commission
Russian ambassador assesses work of LUKOIL in Azerbaijan
Turkmenistan's Turkmenhimiya to buy equipment via tender
Meetings of Azerbaijani, Armenian public figures to contribute to normalization of ties – Russian ambassador
Russian ambassador talks trade-economic cooperation between '3+3' countries (PHOTO)
Turkmenbashi oil refineries extends tender for hydrogen production unit construction
Russian ambassador comments on possibility of Azerbaijan joining EAEU
India Emerges as a Global Actor during the Pandemic Crisis
Russia highly appreciates Azerbaijan's position on normalization of regional situation - ambassador
Uzbek Commodity Exchange announces weekly quotes of commodities for export
Georgia’s Hualing FIZ to sign agreement on area expansion (Exclusive)
S.Korea's daily COVID-19 cases surge as new testing scheme begins
Uzbekistan proposes initiative to ensure free trade
Volume of Russian investments in Azerbaijan unveiled - ambassador
Blast in Greek capital damages buildings, one injured
JV in Kazakhstan to engage electric engine repair services via tender
Kazakhstan’s oil producing company opens tender to remove hazardous drilling waste
Kazakhstan’s vice minister of ecology, head of "Operator ROP" company detained
Turkmenistan launches unified trading platform for entrepreneurs
Azerbaijan discloses districts with highest cotton yield
Power outage in Uzbekistan leads to decrease in gas production
Kazakhstan shares data on Samruk-Kazyna Sovereign Wealth Fund's debt
Axpo Holding places first sustainability-linked bond
Azerbaijani oil prices up
Uzbekneftegaz JSC resumes operation of its enterprises and plants following large-scale blackout
‘Nar’ takes the title of Azerbaijan champion (PHOTO)
Georgia reports new record high COVID-19 cases
Germany to support development of Azerbaijan's private sector
Turkmenistan ready to boost natural gas supplies to China
Uzbekistan's Tashkent Metro resumes operations
Kazakhstan introduces anti-terrorist operation regime in Almaty's district
ITU talks areas of cooperation with Turkmenistan
Azerbaijan proves to be reliable partner in large scale energy projects – GECF
All news