Russia’s investments into Azerbaijan reach $1.5B

Russia’s investments into Azerbaijan have reached $1.5 billion, Russian Minister of Economic Development Maksim Oreshkin said.

Oreshkin made the remarks at an expanded meeting of the Azerbaijani-Russian and Russian-Azerbaijani business councils in Baku Dec. 25.

The minister stressed the high potential of economic relations between the two countries.

“This is a positive fact that the volume of mutual investments between the two countries is growing,” he said. “Russia’s investments into Azerbaijan have already reached $1.5 billion. Azerbaijan is also actively investing in Russia.”

Oreshkin added that the two countries have achieved great progress in solving many issues.

“A week ago, 14 Azerbaijani companies received permission for the supply of tomatoes to the Russian market,” he said. “The capacity of these companies is more than 60,000 tons, so we expect big volumes to be supplied to Russia.”

“Both sides have outlined directions for further work and they will continue to work in this direction with the aim of diversifying the Azerbaijani and Russian economies,” the minister said.

The minister also stressed the possibility of joint export of both Russian and Azerbaijani products to the markets of third countries.

The data of the Azerbaijani State Customs Committee shows that the trade turnover between Azerbaijan and Russia for 11 months of 2017 amounted to $1.89 billion, of which $528.97 million accounted for the export of Azerbaijani products to Russia.                                                                          Trend