Azernews.Az

By Kamila Aliyeva

GAZ commercial vehicles will be assembled in Azerbaijan. This is stipulated in the Memorandum of Cooperation signed by GAZ Automobile Plant Ltd and AzerMash OJSC in Baku on April 23, Trend reported.

The document was signed in the presence of Azerbaijani Minister of Economy Shahin Mustafayev and Russian Minister of Economic Development Maksim Oreshkin, who is on a visit to Baku.

Cars will be assembled in the Hajigabul Industrial Zone.

Also, a memorandum on cooperation between the Shahdag ski resort and the association of resorts of the North Caucasus was signed.

Speaking to the journalists later, Shahin Mustafayev informed that a car bridge will be built over the Samur river on the Azerbaijani-Russian border in 2019.

The bridge construction was launched in October 2017. Its length is 325 meters. The Russian side controls the construction work.

Previously, Russian media reported that the cost of the bridge construction will be 1.2 billion rubles and the project is financed jointly.

According to the press service of Russia's federal state institution Federal Highways Administration 'Kaspiy', the decision on construction of a new bridge was made in accordance with the agreement signed between the two countries on Sept.13, 2013.

The new bridge will replace the existing one, which was built in 1957.

Mustafayev further noted that an excise customs post will appear on the border between Azerbaijan and Russia in the near future.

He said that this will help facilitate the export of tobacco products and alcoholic beverages of Azerbaijani origin to Russia.

“Previously, Azerbaijani products were sent first to Georgia and then to Russia for this purpose,” he noted.

Mustafayev also mentioned successful development of trade relations between the two countries.

“The bilateral trade turnover between Azerbaijan and Russia increased by 22 percent last year. In January-March this year, the trade turnover grew 32 percent, while Azerbaijani exports to Russia grew 50 percent,” he said.

Touching upon further development of the trade and economic relations between the two countries, Mustafayev said that Azerbaijan intends to triple export to Russia in the next five years.

“We are doing huge work in this direction,” the minister said.

Azerbaijan’s trade turnover with Russia amounted to $2.14 billion in 2017, about $1.5 billion of which accounted for the import of Russian products to Azerbaijan, according to the State Customs Committee of Azerbaijan.

Mustafayev also informed that a packing line will be commissioned at the pharmaceutical plant Hayat Pharm, which is a joint Azerbaijani-Russian project, by late 2018.

About $74 million have been invested in the plant’s construction. Hayat Pharm will produce medicines of various pharmaceutical groups, including cancer, antifungal, antiemetic, antiviral and other drugs. The plant’s groundbreaking ceremony was held in Pirallahi Industrial Park in November 2016. Russia’s R-Pharm (45 percent), Azerbaijan Investment Company (AIC, 10 percent) and Azerbaijan’s Vita-A LLC (45 percent) are the plant’s shareholders.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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