By Azernews

By Ayya Lmahamad

Officials and businessmen from Russia’s Ryazan Region, to be headed by the regional Deputy Prime Minister Artem Nikitin, are planning to visit Azerbaijan on September 14-16, Azernews reports.

The visit organized by the Russian Trade Representative Office in Azerbaijan will hold negotiations with the state and commercial structures of Azerbaijan.

Recently, a showroom of Russian companies started its work in Baku Business Center. In the exhibition space, 57 manufacturers from Ryazan Region presented over 300 units of production in demand in the Azerbaijani market. This format will lead to the establishment of business ties and strengthen trade and economic cooperation between Azerbaijan and Russia.

Prior to the opening of the showroom, the Ryazan Region Export Support Center conducted a market analysis, which allowed them to determine the needs of local businesses. Azerbaijani entrepreneurs will be able to visit the showroom and get acquainted with the products of manufacturers of building materials, medical products, food and textile industry metalworking, and IT technology industries.

Russia’s Trade Representative in Azerbaijan Ruslan Mirsayapov visited the showroom and got acquainted with the products showcased there. Noting that products of the Ryazan region’s enterprises are in steady demand in Azerbaijan, he said that the export potential of the Ryazan products is not fully realized at present. He added that the region’s exports to Azerbaijan amounted to $11.5 million in 2021.

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 the non-oil sectors.

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