'Azerbaijan attaches great importance to economic ties with Russia'

Azerbaijan attaches great importance to the development of economic relations with Russia, Azerbaijani Minister of Economic Development Shahin Mustafayev said on Monday during Azerbaijani-Russian business meeting in Baku.

The business forum is a part of Baku visit of Karachay-Cherkessia delegation lead by the Head of Karachay-Cherkessia Republic of the Russian Federation Rashid Temrezov.

According to him, some 261 companies with Russian capital have been registered in Azerbaijan. Some 71 of 83 entities of the Russian Federation have established relations with Azerbaijan based on established legal framework.

"Azerbaijan and Russia have signed 160 interstate and intergovernmental agreements, held 13 meetings of the intergovernmental commission on trade and economic cooperation," the minister said.

He noted that the main purpose of the event is connecting businessmen of the two countries, and promoting bilateral trade.

Karachay-Cherkessia is open for cooperation with Azerbaijan, the head of Karachay-Cherkessia Rashid Temrezov said in his speech.

The acting head of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Rufat Mammadov presented opportunities for business and investment in the country to the participants of the business forum.

The Minister of Economic Development of Karachay-Cherkessia Eldar Tlabichev spoke on investment opportunities in Karachay-Cherkessia.

Over the past 10 years, Azerbaijan has invested some $563 million in the Russian economy, From 2002 to 2011, Russia has invested $336 million in Azerbaijan.

The event was attended by companies such as AtaHolding, Azersun Holding, Gilan Holding, Altes group, Akkord, Baku steel company, "Elfem", "Matanat A", "Sharq-Gharb", Caspian Technology, Ultra, and others.

The meeting was attended by the representatives of the National Confederation of Entrepreneurs of Azerbaijan and Azerbaijan Investment Company.

According to the State Statistics Committee, the trade turnover between Azerbaijan and Russia amounted to $ 1.398 billion in January-August 2012, with $868.64 million falling to the share of import.


/Trend/