Azerbaijan investments in Russia's economy exceeds $1.2bn

By Azernews

By Ayya Lmahamad

Deputy Economy Minister Niyazi Safarov has said that Azerbaijani investments in Russia's economy have exceeded $1.2 billion, with the majority of these investments being in the non-oil sector.

He made the remarks on February 21 at the Azerbaijan and Udmurtia Business Forum in Baku.

The deputy minister noted that Russian investments in Azerbaijan's economy totaled $6.3 billion, with $5 billion invested in the oil sector and $1.3 billion invested in non-oil sectors.

Safarov added that the two countries' trade turnover will increase by 12 percent in 2021.

He also recalled that some 14 Russian companies have applied for participation in Azerbaijan's Karabakh reconstruction.

Signed agreements

The regional public organization "Azerbaijani public center of Udmurtia 'Dostlug'" and the Russian Community of Azerbaijan signed an agreement.

The document seeks to strengthen relations between Udmurtia (Russia) and Azerbaijan.

An agreement was also signed between the Development Corporation of Udmurtia and the Export and Investment Promotion Foundation of Azerbaijan.

The agreement calls for the expansion of bilateral ties as well as investment.

Bilateral cooperation

The deputy chairman of the government of Udmurtia, Mikhail Khomich, stated that the dynamics of trade and economic cooperation have growth potential.

"The growth of trade turnover with Azerbaijan is encouraging, although the export figures are not yet high. We are aimed at increasing these figures," he said.

The official also noted that Udmurtia mainly supplies IT equipment, dairy, chemical and some other types of products to Azerbaijan.

Moreover, Advisor of the Russian Ambassador Aleksey Studyarsky also noted that the relations between the two countries are developing dynamically.

"In fact, the entire year 2022, in connection with the 30th anniversary of diplomatic relations between the two countries will be aimed at strengthening ties, including at the regional level," he said.

Agroexpress project

Yusif Abdullayev, acting director of the Export and Investment Promotion Foundation, said that another train will depart Astara on February 21 as part of the Russian-Azerbaijani "Agroexpress" project

"This project will promote the growth of trade turnover between Azerbaijan and Russia," he said.

He also stated that the Foundation's goal is to promote Azerbaijan's non-oil exports.

To recall, Azerbaijan sent the first train with persimmon cargo to Russia as part of the "Agroexpress" project last week. A total of 1,000 tons of persimmons were shipped to Moscow's Selyatino station in 17 wagons.

Foreign businesses attraction

Small and Medium Business Development Agency Chairman Orkhan Mammadov stated that the agency is interested in attracting foreign businesses to the country and is ready to provide the necessary assistance.

He noted that holding such events demonstrates a wide range of directions for joint cooperation between Azerbaijan and Udmurtia, including the sphere of SMBs, and allows for the faster discovery of potential fields for the realization of bilateral initiatives.

"Today's forum is attended by representatives of a number of public and private structures that create conditions for an effective dialogue between the parties," he said.

The chairman recalled that during the meeting of the Russian companies' business mission in the field of urban infrastructure development "Smart City" held in Baku in November last year, the agency and the Russian Export Center signed a joint memorandum aimed at intensifying contacts and providing support to SMBs from both countries.

"The agency is actively working to expand the geography of cooperation of local SMBs with potential foreign partners. In this regard, I would like to note an interest in establishing relations with the relevant structures of Udmurtia, in order to exchange experiences, as well as to implement joint mechanisms of business support. We are also interested in attracting foreign business to Azerbaijan and are ready to provide the necessary assistance," he said.