By Azernews

By Ayya Lmahamad

The organization of a business mission of the Russian companies to Azerbaijan is an important step in expanding trade and economic ties between the two countries, Azerbaijan's Economy Minister Mikayil Jabbarov wrote on his official Twitter page on July 23.

"The new directions of partnership, and the prospects for cooperation amid the new realities that arised in connection with the liberation of Azerbaijani territories, were discussed at the meeting with the Russian colleagues," the minister stated.

"We believe that the achieved results will contribute to the creation of even more favorable conditions for mutual investments and increase of business activity between our countries," Jabbarov added.

On July 23, an event “The business mission of Russian companies under the auspices of Roseksimbank JSC” was held in Baku. During the event, it was underlined that the trade turnover between Russia and Azerbaijan increased by four percent in the first half of 2021, compared to the same period of 2020. In addition, throughout 2020, it was possible to maintain the cargo transportation growth, which amounted to about eight million tons.

During the reported period, Russian export volume to Azerbaijan grew by 2.6 percent, while import volume from Azerbaijan by 7.4 percent.

The trade turnover between Azerbaijan and Russia amounted to $2.6 billion in 2020, making Russia Azerbaijan’s third-largest partner. In addition, the trade turnover between the two countries amounted to $1.3 billion in the first half of 2021.