Baku Hosts Azerbaijani-Russian Business Forum

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-