Baku hosts the Azerbaijani-Russian business forum. The Deputy Minister of Economy of Azerbaijan Niyazi Safarov said at its opening that 600 Russian companies had invested in the local economy about $ 3 billion, and the domestic investment in the neighboring economy exceeded $ 1 billion.
The senior official said that last year the mutual trade turnover amounted to $ 1.9 billion, the bulk of which ($ 1.5 billion) accounted for imports from Russia. By May 1 the countries’ trade in the aggregate amounted to $ 470 million.
According to the Director of the Agency for Strategic Initiatives to Promote New Projects Andrei Nikitin, the mutual interests are, above all, the real sector of economy, energy and humanitarian spheres.
As an interim outcome, four documents on cooperation were signed. Thus, a memorandum was signed between the Azerbaijan Fund for Export and Investment Promotion (Azpromo) and the NGO Business Russia and LLC UK Victoria Estate (the creation of industrial parks in both countries). Again Azpromo signed a memorandum with VTB Bank (Azerbaijan).
JSC Azerbaijan Investment Company, together with the local company Vita-A signed a document on the organization of the production of pharmaceutical products by the Russian R-Pharm in Azerbaijan. --17D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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