Russian Novgorod region's entrepreneurs to visit Azerbaijan on business trip

By Azernews

By Sabina Mammadli

Russian Novgorod Region's Ministry of Investment Policy is planning to conduct a full-time business trip to Azerbaijan for regional entrepreneurs in October, Azernews reports with reference to the ministry's press service.

According to Novgorod Regional Minister of Investment Policy Denis Nosachev, the entrepreneurs will hold individual negotiations and meet with potential partners during the visit.

"A business trip to Azerbaijan is planned for October 2022," the minister noted.

Azerbaijan and Russian regions have mutual cooperation in different fields, 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.

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 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.