Rosselkhozbank's representation registered in Azerbaijan

Business Materials 29 March 2010 13:34 (UTC +04:00)

Azerbaijan, Baku, March 29 / Trend N. Ismayilova /

OJSC Rosselkhozbank passed the state registration through the "single window" of the Ministry of Taxes in Azerbaijan March 16, 2010, the bank said.

"Rosselkhozbank's representation in Baku will facilitate and expand business contacts, search for partners to increase the foreign trade deals of the bank's clients, develop cooperation with Azerbaijani banks in correspondent banking relations," the statement said.

According to the report, the bilateral economic ties between Russia and Azerbaijan have a forward movement in trade and economic, scientific-technical and humanitarian development. The volume of trade between the two countries in 2008 amounted to $2,4 billion. The share of agricultural products in total import is 53.5 percent, and export - 22.6 percent.

In 2009, trade turnover between the countries was at $1,816 billion. According to Azerbaijan's statistics, the turnover reduced by six percent last year, according to the Russian side - by 25 percent.

Rosselkhozbank is actively expanding its presence in neighboring countries. In 2009, three offices were opened in Belarus, Tajikistan and Kazakhstan.

Russia's trade representative in Azerbaijan Yuri Shchedrin said that Russian companies are interested in participating in the implementation of the State Program of Socio-Economic Development of Regions over 2009-2013, respectively, and in other public projects in Azerbaijan.

"Presently, a pilot project to establish logistics bases by Azerbaijani companies in Tambov region for storage of agricultural products is under development. There is also the agreement of establishing a base in Astrakhan region. Moreover, another base is planned to be opened in Ural," Shchedrin said.

At present, more than 500 companies operate with Russian capital in Azerbaijan. About half of them is full Russian companies.