Azernews.Az

By Ayya Lmahamad

Entrepreneurs from Russia's Nizhniy Novgorod Region are planning to take part in a business mission to Azerbaijan, slated for November 3-5, Azernews reports per Russian media.

The participants in the mission will not only hold B2B negotiations with Azerbaijani companies and meet with government representatives but will also visit the largest enterprises in the country.

Industry, Trade, and Entrepreneurship Minister Maksim Cherkasov stated that Azerbaijan is a popular foreign trade destination for Nizhny Novgorod companies.

“Thus, last year the volume of non-primary exports to Azerbaijan almost doubled and amounted to $78.1 million. Nizhny Novgorod region traditionally exports plywood, medicines, hot-rolled steel, and wheat,” he said.

The business mission will be organized by the Nizhny Novgorod’s Export Development Center under the “Acceleration of small and medium-sized business entities” federal project of the “Small and medium-sized businesses and support for individual entrepreneurial initiatives” national project.

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.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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