By Azernews

By Ayya Lmahamad

Azerbaijan and Russia's Ryazan Region have agreed to exchange information about mutual investments and export opportunities, Azernews reports.

An agreement was reached during a meeting between representatives of Azerbaijan's Investment and Export Promotion Agency (AZPROMO) and a delegation from Russia’s Ryazan Region, headed by Regional Deputy Prime Minister Artem Nikitin.

During the meeting, AZPROMO Head Yusif Abdullayev provided information about the agency's activities, its main objectives, the favorable business and investment environment created in the country, as well as the joint activities conducted to expand ties between entrepreneurs.

In his turn, Artem Nikitin spoke about the business opportunities of the Ryazan Region and emphasized the importance of cooperation development.

Earlier, a mobile showroom of Russia’s Ryazan Region products and services opened in Azerbaijan’s Baku. The showroom was opened as part of the business mission of Ryazan Region to Azerbaijan and showcases more than 500 products from 57 enterprises of the region.

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.