Trade turnover between Azerbaijan, Russia up by 25 pct

By Azernews

By Rasana Gasimova

The trade turnover between Russia and Azerbaijan increased by more than 25 percent to amount to $2.2 billion in January-September 2019. At the same time, Russian exports to Azerbaijan increased by more than 30 percent to reach $1.6 billion.

This was noted during the meeting between Azerbaijan's Economy Minister Mikayil Jabbarov and Russian Trade and Industry Minister Denis Manturov in Moscow on November 21.

During the meeting, the sides discussed cooperation in the aviation industry, shipbuilding, agriculture, pharmaceutical industry and other areas. They mentioned that one of the key areas of the industrial cooperation is the automotive and mechanical engineering sectors.

Mikayil Jabbarov also met with the head of the Russian Federal Antimonopoly Service, Igor Artemyev, who informed him about the activities of the anti-monopoly service in Russia and the work done in that sphere, noting that the service is interested in the development of cooperation with Azerbaijan’s relevant bodies.

The sides exchanged views on the expansion of economic relations between the two countries, as well as the exchange of experience.

Mikayil Jabbarov noted the great potential of Russian-Azerbaijani cooperation. The sides expressed confidence in the intensification of bilateral strategic cooperation and increase of efforts of the relevant agencies of both countries for further deepening of economic relations.

Note that Azerbaijan is one of the main economic partners of Russia among the CIS countries. Interregional cooperation plays an important role in the development of Russian-Azerbaijani trade and economic relations and the increase in trade turnover.

Today, about 50 percent of Russia's trade in the South Caucasus region accounts for Azerbaijan. Russia is the leader in the import of Azerbaijan’s non-oil products. About 700 companies with Russian capital are operating in Azerbaijan.

So far, the value of investments by Russian companies in Azerbaijan amounted to $4.7 billion, and the Azerbaijani investments in Russia stood at $1.2 billion.