Details added (first version posted on 12:15)
Baku, Azerbaijan, Oct.2
By Maksim Tsurkov - Trend:
Almost 90 percent of Russian investments in Azerbaijan account for the oil and gas sector, Rufat Mammadov, head of Azerbaijan Export and Investment Promotion Foundation (AZPROMO) said Oct.2.
He made the remarks during the Azerbaijan-Russia business forum being held in Baku.
Mammadov said that Russian companies have invested $1.8 billion in Azerbaijan's economy in recent years and $1.6 billion of this amount accounts for the oil and gas sector.
"Another $200 million accounts for the investments in the non-oil sector and currently intensive work is underway for diversifying our economic relations which is the priority for both sides," said Mammadov.
Russia has great experience in diversification of economy and Azerbaijan is also on the same path, he said.
AZPROMO head said that Russia is the only country with the federal subjects of which Azerbaijan has direct economic contacts.
Azerbaijan has agreements with 78 regions of Russia in economic sphere, said Mammadov.
Moreover, the country has agreements with 17 federal subjects in trade, economic, cultural and humanitarian spheres and bilateral intergovernmental commissions on developing cooperation with four federal subjects, he added.
The volume of trade turnover between Azerbaijan and Russia in 2015 will be higher than in 2014, Mammadov noted.
AZPROMO head said that 599 companies with Russian share have been registered in Azerbaijan.
Meanwhile, the volume of direct investments of Azerbaijan in Russia has exceeded $1 billion in the last 10 years, he added.
Follow the author on Twitter: @MaksimTsurkov