By Azernews

By Ayya Lmahamad

Azerbaijan’s Economy Minister Mikayil Jabbarov and Roseximbank’s Board Chairman Azer Talibov have discussed the participation of Russian companies in the restoration of the liberated territories.

The parties also discussed the organization of regular business missions by Russian companies to Azerbaijan, as well as energy, railway, and pharmaceutical projects.

Noting the successful development of relations with Russia, Jabbarov emphasized the importance of financial partnership in terms of broader economic potential realization, as well as strengthening trade and investment ties.

He underlined that the favorable business and investment environment created in Azerbaijan, and great economic potential of liberated lands, create new opportunities for expanding regional cooperation.

The minister also noted the role of the banking sector in Azerbaijani-Russian economic cooperation and shared his opinion on the development of relations with Roseximbank.

In turn, Talibov expressed the interest of Russian entrepreneurs in participating in projects implemented in Azerbaijan. He also stressed that the business community will contribute to economic cooperation, business revival, creation of new enterprises and jobs.

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.