TODAY.AZ / Business

Russia’s Udmurtia eyes expanding railway sector co-op with Azerbaijan

23 February 2022 [14:57] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Russia’s Udmurtia is interested in expanding the existing cooperation with Azerbaijan in the railway sector.

The remarks were made by Udmurtia’s Deputy Prime Minister Mikhail Khomich during a meeting with Azerbaijan Railways CJSC Chairman Javid Gurbanov.

He stressed that Azerbaijan plays the role of a reliable bridge in the world transport and logistics hub. The deputy prime minister also briefed on the economic and trade potential of the republic, export and investment opportunities.

Gurbanov, for his part, provided an update on the state of the country's railways. He informed the guests about the large-scale construction and restoration work being done in the liberated territories, as well as the progress of the Barda-Aghdam and Horadiz-Agband railways.

The chairman also provided an update on recent railway developments, particularly efforts to upgrade and expand the locomotive fleet.

Following that, the presentations of the companies represented in the Udmurt delegation were demonstrated. The presentations covered railway equipment development and manufacturing, metal structures, railway products and parts, security systems, object detection systems, and automated railway level crossing systems.

Company representatives made proposals for software development in the fields of dispatching, transportation and control systems, automation, and information technologies in the field of freight transportation.

It was noted that Azerbaijan Railways places a high value on collaboration with international companies.

The Azerbaijan and Udmurtia Business Forum was held in Baku on February 21.

Azerbaijan and Russia have mutual cooperation in different fields, such as economy, agriculture, customs, communications, high technology, and others. More than 230 intergovernmental and intercompany documents have been signed between the two countries and six "road maps" are being implemented.

Azerbaijani investments in Russia's economy have exceeded $1.2 billion, with the majority of these investments being in the non-oil sector. In addition, Russian investments in Azerbaijan's economy totaled $6.3 billion, with $5 billion invested in the oil sector and $1.3 billion invested in non-oil sectors.

Additionally, some 14 Russian companies have applied for participation in Azerbaijan's Karabakh reconstruction.

The trade turnover between Azerbaijan and Russia amounted to $2.9 billion in 2021, making Russia Azerbaijan’s third-largest partner.

URL: http://www.today.az/news/business/216085.html

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