Baku, Moscow seek boosted eco­nomic ties

Azer News - - Business - By Amina Nazarli

Prospects to boost the Azer­bai­jani-Rus­sian eco­nomic re­la­tions were thor­oughly mulled in Baku, as the cap­i­tal hosted the busi­ness fo­rum on June 20, with par­tic­i­pa­tion of about 200 com­pa­nies en­gaged in light, heavy and food in­dus­tries, as well as fi­nance, en­ergy, trans­port, com­merce, en­gi­neer­ing, health and other ar­eas.

Azer­bai­jan’s Deputy Econ­omy Min­is­ter Niyazi Sa­farov, ad­dress­ing the event, stated that Rus­sia has in­vested $3 bil­lion in Azer­bai­jan’s econ­omy in to­tal. Sa­farov men­tioned that more than 600 en­ter­prises op­er­at­ing with Rus­sian cap­i­tal have been reg­is­tered in Azer­bai­jan.

“More than $235 mil­lion of the to­tal vol­ume of Rus­sian in­vest­ments were in­vested in the non-oil sec­tor of Azer­bai­jan, and $ 2.8 bil­lion were in­vested in the oil sec­tor. Mean­while, Azer­bai­jan has in­vested over one bil­lion dol­lars in the Rus­sian econ­omy. Rus­sian com­pa­nies are also con­trac­tors of 10 projects im­ple­mented through pub­lic in­vest­ment,” he said.

Sa­farov went on not­ing that over 170 agree­ments were signed be­tween the two coun­tries, more than 50 of which were inked in eco­nomic field.

Rus­sia con­tin­ues to be one of the main trade part­ners of Azer­bai­jan, ac­cord­ing to the deputy min­is­ter, who em­pha­sized that in the past four months of 2016, Rus­sia takes the sec­ond place in the turnover of Azer­bai­jan, and first place in the im­port and 10th place in ex­port.

”In 2015, the trade turnover be­tween the two coun­tries amounted to $1.9 bil­lion, some $1.5 bil­lion of which fell to im­port and $0.4 bil­lion to ex­ports. In Jan­uary-April 2016 the trade turnover be­tween the coun­tries amounted to $470 mil­lion,” he said.

Dur­ing the bi­lat­eral busi­ness fo­rum Azer­bai­jan and Rus­sia signed a mem­o­ran­dum of un­der­stand­ing on es­tab­lish­ing phar­ma­ceu­ti­cal pro­duc­tion in Azer­bai­jan. The doc­u­ment was signed by Azer­bai­jan’s Vita-A com­pany, Rus­sian R-Pharm and Azer­bai­jan In­vest­ment Com­pany.

The event also saw sign­ing of sev­eral other doc­u­ments : a mem­o­ran­dum of co­op­er­a­tion be­tween Azer­bai­jan Ex­port and In­vest­ment Pro­mo­tion Foun­da­tion (AZPROMO) and All-Rus­sia busi­ness as­so­ci­a­tion “Delo­vaya Ros­siya" (Busi­ness Rus­sia), a mem­o­ran­dum on pro­mo­tion of in­vest­ment projects in in­dus­trial and agri­cul­tural sec­tors both in Moscow (Vic­to­ria In­dus­trial Park) and in Azer­bai­jan, be­tween AZPROMO and Vic­to­ria Es­tate Man­age­ment LLC, a mem­o­ran­dum of co­op­er­a­tion be­tween AZPROMO and Bank VTB (Azer­bai­jan).

Azer­bai­jan and Rus­sia are tied by firmly based ties, which were of­fi­cially es­tab­lished in 1992. The Azer­bai­jani-Rus­sian co­op­er­a­tion is com­pletely based on the prin­ci­ples of mu­tual re­spect and good neigh­borly re­la­tions. The cul­tural re­la­tions be­tween the two coun­tries are also highly eval­u­ated.

Rus­sia and Azer­bai­jan es­tab­lished an ac­tive and pro­duc­tive di­a­logue on many im­por­tant is­sues in the for­eign eco­nomic and po­lit­i­cal agenda.

The south­ern neigh­bor is one of the largest im­porters of Azer­bai­jani agro-prod­ucts. The coun­try ex­ports fruits, veg­eta­bles and mel­ons to Rus­sia.

Af­ter the de­te­ri­o­ra­tion of re­la­tions with Turkey, Rus­sia’s de­mand in Azer­bai­jani agro-prod­ucts in­creased. Azer­bai­jan has en­tered the top 3 sup­pli­ers of agri­cul­tural prod­ucts to Rus­sia among the CIS coun­tries, af­ter Moscow im­posed anti-Turk­ish sanc­tions.

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