Minister: Azerbaijan invests over half billion dollars in Russia’s economy for 10 years

Minister: Azerbaijan invests over half billion dollars in Russia’s economy for 10 years

Azerbaijan, Baku, Sept. 24 / Trend /

Azerbaijan has invested about $563 million in the Russian economy over the past ten years, Azerbaijani Minister of Economic Development Shahin Mustafayev said at a meeting with Governor of the Volgograd region of the Russian Federation Sergey Bozhenov in Baku today.

"Azerbaijani companies are successfully operating in Russia, as well as Russian companies in Azerbaijan," the minister said. "Around 261 companies with Russian capital were registered in Azerbaijan in 2004-2011."

Russian investments made in 2002-2011 amounted to $366 million. Russian companies are involved as subcontractors in a number of ongoing projects in the country.

The minister stressed special significance of mutual official visits of the presidents, the high level talks held to develop the political and economic cooperation between Russia and Azerbaijan.

"Azerbaijan and Russia formed a perfect legal framework," Mustafayev said. "Over 160 documents have been signed today. "The activity of the intergovernmental commission plays a great role in the development of economic cooperation."

The trade turnover between the two countries for the last year amounted to $ 2.8 billion, or by 47 percent more compared to 2010.

The minister said that economic ties with the regions of the Russian Federation are actively developing. At present, the country is working with more than 70 regions of Russia.

Governor of the Volgograd region Sergey Bozhenov stressed the great potential for expanding the economic relations between countries in general, Azerbaijan and the Russian regions.

Developing the economic cooperation between the entities of Azerbaijan and Russia, expanding the trade relations, mutual investments, further development of cooperation between business people were discussed.

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