From pharmaceuticals to railways: what new enterprises can Azerbaijan, Russia create?

Business Materials 14 February 2019 16:11 (UTC +04:00)

Baku, Azerbaijan, Feb. 14

By Sara Israfilbayova – Trend:

Azerbaijan and Russia will work on forming joint ventures in a number of areas of the economy, in accordance with the implementation of a roadmap including plans till 2024, Eldar Tlyabichev, Russia's trade representative to Azerbaijan, told Trend.

According to him, the parties will work on forming joint ventures in the pharmaceutical, oil and gas industries, as well as the organization of joint production of agricultural machinery and assembly of automotive equipment.

The trade representative added that establishing production of railway cars and service centers for helicopters maintenance and repair will also be taken into consideration.

"Today, focusing our common efforts on forming joint ventures and diversifying our economies seems promising, and we are actively working in this direction," he said.

Tlyabichev went on to say that a large business mission of Russian industrial companies is expected to visit Azerbaijan in the near future, for the further implementation of joint projects and industrial cooperation.

The trade representative also noted that Russia will host the XXIII St. Petersburg International Economic Forum (on June 6-8) and the V Eastern Economic Forum in Vladivostok (on September 4-6) this year, saying that he looks forward to the participation of Azerbaijani partners in the work of these forums.

Russia is a strategic partner of Azerbaijan. In 2017, the two countries celebrated the 25th anniversary of the establishment of bilateral diplomatic relations. The Russian Federation is one of the main economic and trade partners of Azerbaijan. The legal framework between the countries includes over 180 documents, over 50 of them being economic in nature.

Russian investments in the economy of Azerbaijan exceeded $3.7 billion throughout the period of cooperation, with Azerbaijani entrepreneurs having invested over $1 billion in the Russian economy.

According to the State Customs Committee of Azerbaijan, the trade turnover with Russia amounted to $ 2.5 billion in 2018, with $665.7 million accounting for the export of Azerbaijani products. The trade turnover between the countries, when compared with the previous year, rose by 16.1 percent.


Follow the author on Twitter: @IsrafilbekovaS