By Azernews

Azerbaijan and Russia have discussed the prospects of bilateral cooperation on the development of the small and medium business sector.

The discussion took place during the meeting between Azerbaijan's Agency for Small and Medium Business Development board chairman Orkhan Mammadov with Russia's Federal Corporation for the Development of Small and Medium-Sized Enterprises general director Alexander Isayevich.

The parties also discussed the exchange of experience in supporting entrepreneurs and the possibility of developing joint activities.

Azerbaijan's Small and Medium Business Development Agency continues to hold meetings with local and foreign entrepreneurs in order to expand relations and implement new business initiatives.

Azerbaijan and Russia 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 invested in non-oil sectors.

Additionally, some 14 Russian companies have applied for participation in Azerbaijan's Karabakh reconstruction.

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