Baku, Moscow discuss boosting cooperation in investment, business sectors

By Azernews

By Ayya Lmahamad

Azerbaijan and Russia have discussed the opportunities to expand cooperation in the investment and business sectors, Azernews reports.

The discussion took place during a meeting between Azerbaijan's Export and Investment Promotion Agency Adviser Zohrab Gadirov, Azerbaijan's trade representative in Russia Ruslan Aliyev, and Russian Technonikol company Managing Partner Sergey Kolesnikov in Moscow.

During the meeting, Zohrab Gadirov briefed on the measures permanently taken to improve the business climate in Azerbaijan and ensure the establishment and development of industrial zones, as well as on the Alat Free Economic Zone, which provides additional opportunities for attracting investment in the non-oil sector.

Azerbaijan and Russia cooperate in different sectors, such as 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.