By Azernews

By Ayya Lmahamad

A delegation from Russia’s Nizhny Novgorod is planning a business mission to Azerbaijan on November 3-5, Azernews reports.

The remarks were made during a videoconference meeting between Russia’s Trade Representative office in Azerbaijan and business representatives of Nizhny Novgorod, organized as part of a project, called “An hour with the trade representative”.

During the videoconference, the parties discussed issues of information support, the practical organization of a full-time business mission, and the participation of delegation in exhibitions taking place in Azerbaijan.

Viktor Ivankin, consultant of the Russian Trade Representative Office in Azerbaijan, spoke about the Azerbaijani-Russian trade turnover, promising areas for expanding the range of Russian export, and the possibilities of the trade mission’s potential to support Russian enterprises.

Nizhny Novgorod’s Center for Developing Export Capacity Deputy Director Sergey Gnenik, as well as representatives of 17 regional companies operating in the field of medical equipment, medical disposable clothing, animal feed, food products, furniture, special tools, lifting equipment, etc, participated in the videoconference.

Azerbaijan and Russia cooperate in different sectors, such as the 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.