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Russian investments in Azerbaijan near $4B (UPDATE)

Business Materials 16 November 2017 20:24 (UTC +04:00)

Details added (first version posted on 15:45)

Baku, Azerbaijan, Nov. 16

By Azad Hasanli – Trend:

Russian entrepreneurs invested over $3.7 billion in Azerbaijan’s economy, Azerbaijani Deputy Economy Minister Sahib Mammadov said at the Azerbaijan-Russia business meeting in Baku Nov. 16.

He added that Azerbaijan has invested over $1 billion in Russia’s economy.

Mammadov said Azerbaijan and Russia have more than 200 intergovernmental and interregional agreements.

He stressed that trade relations are an important component of cooperation between the two countries.

“Russia is one of Azerbaijan’s main trading partners,” Mammadov said. “It is not a coincidence that the country’s first trade mission opened in Russia. This shows the importance we attach to our relations with Russia.”

He said the trade turnover between the countries increased by more than 10 percent and exceeded $2 billion in 2016 compared to 2015.

The trade turnover increased by 6.5 percent up to $1.34 billion in January-September 2017 compared to the same period of 2016.

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