Russian Remains Azerbaijan’s Major Economic Partner – Deputy Minister

Azerbaijan, Baku, /corr. Trend S.Babayeva / On 13 April, Baku hosted a business meeting between the businessmen from Azerbaijan and the Kurgan region of Russia. The Azerbaijan Deputy Minister for Economic Development, Niyazi Safarov stated at the meeting that Russia remains a major economic partner for Azerbaijan.

In 2006 the goods turnover between the two countries rose 52.2% and made up $1,526 bln. Over the past 10 years the Russian investments in Azerbaijan have exceeded $0.5bln.

The meeting in Baku was held within the framework of a visit of Kurgan region's delegation by Governor Oleg Bogomolov. Attending the talks were over 50 businessmen, Safarov said that Azerbaijan and the Kurgan region can co-operate in the construction of motorways and bridges.

Enterprises were not very familiar with the opportunities of the Azerbaijani economy and the delegation's visit and the signing of several agreements has given impetus to further develop its co-operation between the countries, he noted.

In 2004-2006 Azerbaijani export to the region made up only $60,000 (in 2006) and comprised of fruit and vegetable juices. Almost 99% of the foreign goods turnover with Azerbaijan fell on export and only 1% on import.

Several enterprises including Kurganstalmost, IKAR, Concrete and Pipe-rolling factories held presentations during the meeting.

President of AZPROMO, an investment promotion company, Emil Mejidov, said the visit can be regarded as a step towards intensifying co-operation.

"Taking into consideration the development of infrastructure in Azerbaijan, a proposal on metal construction for the building of bridges can be estimated as interesting," he added.