Baku & Moscow eye diversification of economic partnership

Azerbaijani Economy Minister Mikayil Jabbarov and Russian Presidential Adviser Ruslan Edelgeriyev discussed issues of diversification of economic partnership between the two countries, Azernews reports per Economy Ministry.

The meeting also discussed the development of interregional relations.

The Azerbaijani minister emphasized the positive development dynamics of relations with Russia, noted the importance of intensifying partnerships between business circles in realizing economic potential, strengthening trade and investment ties.

Noting the favorable business and investment environment of Azerbaijan, the official highlighted that the wide potential of Azerbaijan’s liberated territories opens new perspectives for the development of regional cooperation, including the partnership with Russia.

“Russian investors can also take advantage of the transportation and logistics facilities of the Alat Free Economic Zone, located at the intersection of international corridors,” Jabbarov emphasized.

Furthermore, the minister pointed out the special role of improving the efficiency of transport relations in the growth of bilateral trade and using the resources of the North-South international transport route.

In turn, Edelgeriyev noted that Russia attaches special importance to the partnership with Azerbaijan. He also shared his views on the realization of economic potential.

Besides, the sides discussed the possibility of implementing various socio-economic projects.

Representatives of the Russian Foreign Ministry, the Russian embassy in Baku, the Trade Representative Office, and the regional council of the All-Russian State Children and Youth Public Movement “Movement of the First” of the Chechen Republic attended the meeting.

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.