TODAY.AZ / Business

Azerbaijan, Russia's Astrakhan to eye deepening economic interaction

13 September 2017 [13:25] - TODAY.AZ

By Sara Israfilbayova

A bilateral meeting between entrepreneurs of Azerbaijan and the Astrakhan region of Russia will be held in Baku  on September 19-20, 2017, the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) reported.

The Russian companies’ products will be demonstrated as part of the meeting.

The data of the Southern Customs Administration of the Federal Customs Service of Russia shows that the trade turnover between the Astrakhan region and Azerbaijan amounted to $12.1 million in January-July 2017, $9.36 million of that amount account for the supply of Azerbaijani products to the Astrakhan region. Almost 23 percent of the total turnover of the Astrakhan region account for Azerbaijan.

Moreover, entrepreneurs are currently building a plant producing electric motors, greenhouses in the Astrakhan region.

Azerbaijani business center will be built in the Astrakhan region soon. The Center will promote Azerbaijani products in the Russian market. The interested Russian companies will have opportunity of concluding long-term contracts with specific suppliers from Azerbaijan. Thus, the construction of the center will contribute to the effective development of trade and economic relations between business entities of both countries.

Azerbaijan is one of the main economic partners of Russia among the CIS countries. The trade turnover between two countries amounted to almost $2 billion in 2016. Interregional cooperation plays an important role in the development of Russian-Azerbaijani trade and economic relations and the increase in trade turnover.

At present, enterprises of 71 regions of the Russian Federation cooperate directly with Azerbaijan. Fifteen regions of Russia have relevant agreements with Azerbaijan on trade and economic, scientific, technical and cultural cooperation.


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