TODAY.AZ / Business

Azerbaijani delegation attends St. Petersburg International Economic Forum in Russia

08 June 2019 [13:44] - TODAY.AZ

By Trend


A delegation led by Azerbaijan’s Economy Minister Shahin Mustafayev is taking part in the 23rd St. Petersburg International Economic Forum (SPIEF) in Russia on June 6-8, Trend reports with reference to Azerbaijan’s Economy Ministry.

On June 7, as part of the forum, Head of the Azerbaijani delegation Shahin Mustafayev met with Governor of Leningrad Region Aleksandr Drozdenko. During the meeting, Mustafayev noted that as a result of joint efforts, political will and mutual visits of the presidents of Azerbaijan and Russia, the bilateral cooperation turned into a strategic partnership.

In this regard, the visit by Azerbaijani President Ilham Aliyev to Russia in September last year, the negotiations held, and the documents signed during the visit are quite significant, Mustafayev said.

Russia is one of the main trade partners of Azerbaijan. Last year, the bilateral trade, having increased by 19 percent, reached $2.5 billion. The growth trend continues this year: in the first quarter, trade turnover increased by 23 percent.

Mustafayev added that within the bilateral cooperation, joint projects are being implemented in the field of investments. At the beginning of the year, an agreement was signed with Russia’s GAZ Group Commercial Vehicles LLC in Azerbaijan’s Hajigabul industrial district and a groundbreaking ceremony was held for the GAZ automobile production plant.

The first stage of the construction of a plant for production of drugs in the Pirallahi industrial park has recently been completed. Co-financing of the construction of the SOCAR Polymer plant is another indicator of successful cooperation. The Russian Gazprombank also finances the modernization of the Azerikimya Production Association and participates in other projects.

According to Mustafayev, economic cooperation is developing between Azerbaijan and the subjects of the Russian Federation including the Leningrad Region. In 2018, the trade turnover between Azerbaijan and the Leningrad Region increased by 7.3 percent, and there is considerable potential for the development of economic cooperation in other areas, he added.

At the meeting, an agreement on cooperation between Azerbaijan and the Leningrad Region in the trade, economic, scientific, technical and cultural fields was signed. The agreement involves the organization of joint food exhibitions and fairs, improvement of ties in the scientific and technical spheres, cooperation of organizations operating in the fields of education, science, healthcare, culture, tourism, sports and youth affairs.

As part of the 23rd St. Petersburg International Economic Forum, Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and Russia’s Roscongress Foundation signed an agreement on cooperation. In the framework of the forum, a meeting between Azerbaijani and Russian entrepreneurs is scheduled to be held.

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