By Azernews

By Ayya Lmahamad

Azerbaijan and Russia's Krasnodar region have discussed the development of trade and economic partnership, Azernews reports.

The discussion took place during a business meeting held between the entrepreneurs from Azerbaijan and Russia's Krasnodar region. The meeting, organized by Azerbaijan's Export and Investment Promotion Agency (AZPROMO), was attended by entrepreneurs from both countries working in agriculture, the food industry, ICT, construction, trade, packaging, etc.

The meeting presented information about the favorable business and investment environment created in Azerbaijan.

Emphasizing the importance of expanding ties between the business circles of both countries and the existing potential in mentioned areas, the participants noted the contribution of business meetings to the development of bilateral relations. In addition, they exchanged views about the relations between the two countries' business communities, and entrepreneurs from both countries made presentations.

The event continued in the format of bilateral meetings between entrepreneurs.

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.