Russia's Ingushetia planning investment projects with Azerbaijan

By Azernews

By Ayya Lmahamad

The Ingush government intends to establish cooperation on joint projects in various sectors with Azerbaijan, Uzbekistan, and Belarus, the region's head Mahmud-Ali Kalimatov said, Azernews reports, citing TASS.

"We have 40 projects in our investment portfolio, we will work with Azerbaijan, Uzbekistan, and Belarus. A delegation has recently been there, we are studying the potential, there are already concrete proposals, and the first plans will already be implemented in autumn. We are planning to implement joint projects," he said.

Azerbaijan and Russian regions have mutual cooperation in different fields, such as economy, agriculture, customs, communications, high technology, and others. More than 230 intergovernmental and intercompany documents have been signed between the two countries and six "road maps" are being implemented.

Azerbaijani investments in Russia's economy have exceeded $1.2 billion, with the majority of these investments being in the non-oil sector. In addition, Russian investments in Azerbaijan's economy totaled $6.3 billion, with $5 billion invested in the oil sector and $1.3 billion in non-oil sectors.

The trade turnover between Azerbaijan and Russia amounted to $2.9 billion in 2021, making Russia Azerbaijan’s third-largest partner.