Azernews.Az

By Leman Mammadova

Russian Minister of Industry and Trade Denis Manturov will visit Baku on April 4.

Azerbaijan-Russia business forum will be held in Baku on April 4 in the framework of this visit and the businessmen of the two countries will participate in this event.

Along with the minister, the representatives of more than 60 Russian companies operating in various sectors of economy, including agriculture, ICT, automotive engineering, chemical industry and others, will visit Baku.

Azerbaijani Minister of Economy Shahin Mustafayev, Chairman of the Board of the Azerbaijan-Russia Business Council Samad Gurbanov, Acting President of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Yusif Abdullayev, Director of the Russian Export Center Andrey Slepnev will attend the event.

The participants of the event will discuss the issues of cooperation and further steps to strengthen the ties.

A number of cooperation agreements between the two countries will be signed during the delegation’s visit.

An agreement on cooperation and organization of relations between KZ Rostselmash and Sumgayit Technological Park, memorandum of cooperation between Transmashholding and Sumgayit Technological Park, memorandum of understanding on implementation of fencing system between AzOkso and Service Invest, agreement between AzOkso and Azerbaijan State Motor Road Agency are expected to be signed.

Azerbaijan is one of the main economic partners of Russia among the CIS countries and Russia remains one of Azerbaijan’s main foreign trade partners. Interregional cooperation plays an important role in the development of Russian-Azerbaijani trade and economic relations and the increase in trade turnover. Russia ranks first in terms of export of non-oil products from Azerbaijan.

So far, Azerbaijan invested more than $1 billion in the Russian economy, and Russia invested more than $4.2 billion in Azerbaijan’s economy. About 760 companies with Russian capital operate in Azerbaijan.

The trade turnover between the two countries for the year increased by 20 percent, reaching $2.55 billion. Azerbaijani exports to Russia amounted to $665.74 million.

According to the Azerbaijani State Customs Committee, the trade turnover between Azerbaijan and Russia reached $170 million in January 2019, which is four percent more than in January 2018.

Recently, the 17th session of the State Intergovernmental Commission on Economic Cooperation between Azerbaijan and Russia.

Russia is a strategic partner of Azerbaijan. The legal framework between the countries includes over 180 documents, including about 50 in the economic sphere.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

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