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