Azerbaijani-Russian investment cooperation improving

Business Materials 15 December 2020 16:16 (UTC +04:00)
Azerbaijani-Russian investment cooperation improving

BAKU, Azerbaijan, Dec. 15

By Fidan Babayeva - Trend:

Investment interaction between Azerbaijan and Russia occurs mainly due to the more active participation of Azerbaijani companies in investment projects in Russia, Ruslan Mirsayapov, the country’s trade representative in Azerbaijan, told Trend.

According to the official data of the Central Bank of Russia, attracted direct investments to the country from Azerbaijan from 2012 to 2019 amounted to $486 million.

"The volume of accumulated direct investments from Russia to Azerbaijan for the same period, according to the Central Bank of Russia, amounted to $126 million," Mirsayapov stressed.

The trade representative noted that the Azerbaijani authorities are consistently working to improve the investment climate in the country. The effectiveness of these measures is confirmed in the Doing Business rating: in 2020, Azerbaijan ranks 34th out of 190 countries of the world, having risen from 80th position in this rating in 5 years.

"Many Russian companies are consistently investing in Azerbaijan, receiving all the benefits and support due to foreign investors. I would like to especially note the role of the Export and Investment Promotion Fund (AZPROMO) in practical assistance to Russian investors," he said.

"The trade office is working to attract companies from the Russian Federation to the most promising spheres of Azerbaijan - industrial production, food, services - including on the Internet. We closely follow the investment activity of key partners of Azerbaijan and inform Russian investors about emerging business opportunities in your country.”

“In my opinion, Russia should be one of the main countries investing in Azerbaijan," the representative added.

The activities of the trade office are aimed at developing economic relations between Russia and Azerbaijan, promoting Russian export projects and attracting investments and advanced technologies to the Russian Federation.

The goal of the trade mission in Azerbaijan is to create an effective mechanism for promoting Russia's economic interests on the world markets.


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