Azerbaijan, Baku, July 30 / Trend I. Khalilova /
Azerbaijani entrepreneurs prepare for significant investments in the Russian economy, despite the lack of agreement on the protection of mutual investments between the two countries.
Russian trade representative in Azerbaijan Yuri Shchedrin told Trend that the process of coordination is underway. The negotiations on the Chelyabinsk region, Karachai-Cherkessia, Krasnodar Territory, the Moscow Region and some other regions of Russia are being held.
"Azerbaijani investors intensified their activity in the Russian market," he stressed. "They are ready and there are examples of significant investments in the economy and the social sphere of Russia and its regions."
Azerbaijan and Russia are still unable to reach a compromise on the draft agreement on mutual protection of investments.
The fundamental disagreements over the determination of national sectors are the main reason of the delayed concluding of this agreement. The Russian side will not sign an agreement without determining the national sectors. Azerbaijan does not intend to abandon its position.
"The agreement will not be signed within the upcoming summits [Russian President Vladimir Putin is expected to visit Baku in August]," Shchedrin added. "So entrepreneurs will have to operate within the existing rules."
In particular, the governments of the two countries fail to reach a compromise on the issue of extending the agreement for a particular period of time. Azerbaijan proposes that it spread throughout the entire history of cooperation between Azerbaijan and Russia, and the Russian side insists on the coverage period, starting since 1992.
Azerbaijan has invested about $563 million in the Russian economy over the past ten years, Azerbaijani Minister of Economic Development Shahin Mustafayev said.
At present, around 479 companies with Russian capital operate in Azerbaijan.
"Around $468 million have been recently invested by the Russian side in the Azerbaijani economy," the minister added.
Around 12 business forums, business meetings and exhibitions have been conducted with Russia's entities for the last three years. This contributes to further expansion of relations between Azerbaijan and the Russian regions.