Russia's Penza to organize business mission to Azerbaijan to look into ways of expanding ties

By Azernews

By Ayya Lmahamad

The trade representative office of Russia's Penza region is planning to organize a business mission for entrepreneurs to Azerbaijan, Azernews reports, citing day.az.

"A business mission of Russia's Penza region enterprises to Azerbaijan is expected to take place in 2023 with the support of the trade representative office," the statement reads.

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.

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