Azerbaijan, Russia's Krasnodar Region discuss cooperation prospects

By Azernews

By Ayya Lmahamad

A meeting with a delegation of Russia's Krasnodar region business circles was held in the Russian Export Center in Azerbaijan, Azernews reports.

Russian Trade Representative in Azerbaijan Ruslan Mirsayapov, Russian Export Center representative in Azerbaijan Nikolay Bondov, and Azerbaijan's Economy Ministry Department of Interstate Economic Cooperation Deputy Director Masim Mammadov attended the meeting.

During the meeting, representatives of Krasnodar companies made presentations of their products and received recommendations for working in the Azerbaijani market.

"The list of products offered for delivery to Azerbaijan by Krasnodar companies is quite wide and includes equipment for the production of packaging, heating equipment, vegetable oil, sugar, cereals, and IT solutions in the development of urban infrastructure," Russian Export Center in Azerbaijan reported.

In the next few days, the participants of the business mission of Krasnodar companies in Azerbaijan are expected to hold a lot of negotiations, B2B and B2G meetings, as well as visit the Azerbaijani enterprises.

To note, heads of seven Krasnodar companies take part in a business visit organized by the Krasnodar Region Export Support Center: Apostolie, Technoindustriya, Yug-Polymer, Inform-systems, Eksta, Rezonect, Khalaburdin.

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.