Russia invests over $3B in Azerbaijan’s economy

Russia invested over $3 billion in Azerbaijan's economy, Azerbaijan’s Economy Minister Shahin Mustafayev said at the 7th Azerbaijan-Russia interregional forum in Baku Nov. 1.

Azerbaijan, in turn, invested more than $1 billion in Russian economy, the minister said.

"Relations between Azerbaijan and Russia are at the level of strategic partnership. The two leaders attach great importance to the development of political and economic relations. Numerous mutual visits of the countries’ heads, official delegations and representatives of the business circles are evidence of this,” said Mustafayev.

A solid legal framework is created between the two counties, he added.

Successful cooperation has been established between the countries in the spheres of trade, investments, industry, cargo transit, energy, transportation and agriculture, as well as in the humanitarian sector, Shahin Mustafayev said.

“The sphere of trade relations is one of the significant areas of the Azerbaijan-Russia cooperation. The first nine months of this year were marked by positive dynamics in trade turnover. Russia ranks third in the list of Azerbaijan’s trade partners,“ he added.

Speaking about the investing activities between the two countries, Mustafayev noted that establishment of a joint venture for the production of pharmaceutical products is another achievement.

The groundbreaking ceremony for the venture will take place Nov. 2.

The 7th Azerbaijan-Russia interregional forum takes place in Baku Nov. 1. Over 600 representatives of state and private organizations of both countries participate in the forum. (Trend.az)