Azerbaijan, Russia’s Altai Republic region discuss prospects of business co-op

By Azernews

By Ayya Lmahamad

Azerbaijan and Russia's Altai Republic region have discussed prospects for business cooperation, Azernews reports.

The discussion took place during the videoconference between Russia’s Trade Representative office in Azerbaijan and the business mission of the Altai Republic region, held as part of the “an hour with the trade representative” project of the Russian Industry and Trade Ministry.

During the videoconference, Russia’s Trade Representative in Azerbaijan Ruslan Mirsayapov spoke about the current economic situation, demanded products, the most promising areas for Russian export, and the representative office’s possibilities to support the export activities of Russian companies.

Moreover, special attention was paid to the tourism and recreation potential of the Altai Republic, the search for unique export proposals that the region can offer, the conditions of entry into the Azerbaijani retail chains, the participation of Gorno-Altai enterprises in exhibition events taking place in Azerbaijan.

Altai Republic’s Export Support Center Director Tatiana Loginova and representatives of the region’s enterprises participated in the event, organized by Trade Representation jointly with the Export Support Center.

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 lion’s share of it 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.