Russian companies consider increasing supplies to Azerbaijan

By Azernews

By Ayya Lmahamad

Russian companies consider increasing supplies to Azerbaijan by several hundred million dollars, Russia’s Trade Representative in Azerbaijan Ruslan Mirsayapov told reporters during a working trip to Volgograd, Azernews reports, citing TASS.

He mentioned that last year, the Russian Export Center assessed such sectors as engineering products, food products, and metal structures.

“For each of these sectors, Russian companies have the opportunity to increase supplies to Azerbaijan by several hundred million dollars,” he said.

Mirsayapov mentioned that 4,000 Russian companies are currently working with Azerbaijan, of which 2,500 are representatives of small and medium-sized businesses. He added that according to the results of 2021, more than $2 billion worth of goods were supplied to Azerbaijan from Russia.

Azerbaijan and Russia cooperate in different sectors, such as economy, agriculture, customs, communications, high technology, and others. Over 230 intergovernmental and intercompany documents have been signed between the two countries and six "road maps" are being implemented.

Azerbaijani investments in the Russian 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.