TODAY.AZ / Business

Russian and Azerbaijan Economic Development Ministers sign a protocol on cooperation between the two ministries

06 October 2006 [16:17] - TODAY.AZ
Economic Development and Trade Minister Heydar Babaev and his Russian counterpart German Gref and has signed a protocol on cooperation between the two ministries.

German Gref said Russian companies' interest in Azerbaijan is increasing and the interesting spheres for Russian investors are metal production industry, metal production, engineering and agriculture, APA reports.

He also said that opening a branch of KAMAZ in Azerbaijan is under negotiations because Azerbaijan had imported 80 KAMAZ trucks a year before but imports 80 KAMAZ trucks month now.

German Gref said trade turnover between the two countries exceeds $1mn but the target is to increase both trade turnover and the turnover quality.

"There is a great potential in transportation and financial services between Azerbaijan and Russia. I also met with the National Bank leadership in Azerbaijan. We discussed the National Bank's expanding activities in Russia and set up branch chain."

He said Azerbaijan supplies one third of Russia with agricultural goods.

He said the issue on Azerbaijani businessmen's making investment in Russia's economy was discussed at the meeting with President Ilham Aliyev.

Economic Development and Trade Minister Heydar Babayev also said this issue on mutual investment-making is under discussion.

"Azerbaijani individuals are actively participating in the formation of Russian economy. We should be active to invest in the economy of Russia if we don't want to act unilaterally. RusAL and KAMAZ want to set up branches in Azerbaijan and this issue is under discussion," Babayev said.


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