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Azerbaijan, Russia eye expansion of co-op between businesses

28 October 2022 15:59 (UTC+04:00)
Azerbaijan, Russia eye expansion of co-op between businesses

By Ayya Lmahamad

Azerbaijan and Russia have discussed the expansion of cooperation between business communities of the two countries, Azernews reports.

The discussion took place during a meeting between Azerbaijan's Small and Medium Business Development Agency Board Chairman Orkhan Mammadov and Russian Union of Industrialists and Entrepreneurs President Alexander Shokhin.

During the meeting, the parties also discussed the joint activities of both structures aimed at expanding cooperation.

Moreover, Orkhan Mammadov also held a meeting with Commissioner for the Protection of Entrepreneurs' Rights under the President of the Russian Federation Boris Titov.

The sides exchanged views on the protection of the rights of SMBs and mechanisms to support them in this direction.

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 majority of the investments 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 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

Follow us on Twitter @AzerNewsAz

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