Azerbaijan Attaches Great Importance to Attraction of Russian Capital - Russia Minister for Economic Development

Azerbaijan Attaches Great Importance to Attraction of Russian Capital - Russia Minister for Economic Development

Trend's exclusive interview with the Russian Minister for Economic Development and Trade the eve of his visit to Baku.

Question: German Oskarovoch, you are going to visit Azerbaijan. Could you elaborate on the date and table of issues that you are going to discuss in Baku?

Answer: the visit to Baku is scheduled for 5 October. It is planned to hold a meeting with the Azerbaijani Minister for Economic Development, Heydar Babayev, to discuss further mutually profitable cooperation between Azerbaijan Russia and Azerbaijan.

Question: What are the perspectives for further development of economic cooperation between Azerbaijan and Russia? Is there necessity for expansion of legal legislative base?

Answer: The economic relationships between Russia and Azerbaijan have long traditions. The sprite of strategic partnership is peculiar to entire of specter of Russian-Azerbaijani relationships. High level of political understating provides for the development of bilateral trade and economic, scientific-technical and humanitarian cooperation. Foreign trade of Russia with Azerbaijan is regulated by a regime se by different bilateral agreements and the work in this respect is successfully developing.

With respect to expansion of legislative-law basis of cooperation on the inter-regional level I'd like to note that work over its development is carried permanently. The subjects of Azerbaijan and Russia have signed over 30 documents ob trade and economic and cultural cooperation, a number of mutual visits have been paid.

Question: How do you estimate the dynamic of goods turnover between Azerbaijan and Russia? What measures could promote its increase?

Answer: In 2005 goods turnover between Russia and Azerbaijan exceeded $1bn, displaying a 40%-rise as compared to 2004. In the first half-year of 2006, as earlier, raw material dominated in the volume of metal trade. In this respect the elevation of the structure of goods turnover, particularly, increase of investment goods in it structure with high value added cost, remain actual still.

Question: What spheres of Azerbaijani economy could be more attractive for Russian investors?

Answer: I'd like to note a considerable rise in interests of economic subjects of Russia in manufacturing activities in Azerbaijani market. The Azerbaijani government enhances direct foreign investments and puts every effort for liberalization of economy and approval of laws and standard documents offering favorable facilitates for foreign investors. Obviously, Azerbaijan attaches great importance to both attraction of Russian capital to Azerbaijani economy and use o Russian innovative technologies in production.

Azerbaijan offers Russia to expand cooperation and participate in financial projects, dealing with the establishment of transport corridor North-South, the construction of road of international significance, power grids. In addition, they propose expansion of cooperation in the banking sector for financing the agriculture projects, production of small lorries and home appliances, increase of contacts with Russian companies in the sphere of tourism and too many interesting projects.

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