Azerbaijan, Baku, 28 June / Trend A.Akhundov /
Over the past 10 years, Azerbaijani investments in the Russian economy have exceeded $560 million, the Vice-President of Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Vidadi Guliyev said during a speech at the Russian-Azerbaijani Business Economic Club in Baku on Friday.
According to him, in 2004-2012, 479 companies backed by Russian investments were registered in Azerbaijan.
"Russian companies act as contractors in five projects worth 10 million manat and carried out as self-funded by the Azerbaijani government's investment," Guliyev said.
According to him, trade turnover between Azerbaijan and Russia for the past year amounted to $2.338 billion, imports to Azerbaijan $1.39 billion and exports from Azerbaijan $960 million. In January-April 2013, the trade turnover over the same period last year increased by 38 per cent, exports by 73 per cent, imports by 17 per cent.
"There is a great potential for the development of business relations between the companies of the two countries," Guliyev said.
According to the consultant of the Trade Representation of Russia in Azerbaijan, Victor Glushenko, the growth of the export potential of the two countries as well as measures to improve the tax system and business support implemented in both countries are important for the development of trade and economic relations.
The official exchange rate on June 28 is 0.7845 AZN / USD.