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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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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