Russia's economics minister on visit to Azerbaijan

Economic Development and Trade Minister German Gref is set to meet with President Ilham Aliyev, Prime Minister Artur Rasizade, and his Azerbaijani counterpart, Heidar Babayev, a spokesman said.

Trade between Russia and Azerbaijan grew 44%, year-on-year, in 2005, exceeding $1 billion.

Gref earlier highlighted the growing interest of Russian business in Azerbaijan.

"A total of 395 firms and organization with Russian capital are registered in Azerbaijan, of which 95 are 100% Russian owned, 176 are joint ventures, and 124 are representations and offices," he said.

Gref and Babayev will sign a protocol on cooperation between the two ministries, the spokesman said. RIA Novosti