V Azerbaijani-Russian forum started
The two-day V Azerbaijani-Russian forum "Interregional cooperation: new opportunities for growth" started in Gabala.
According to the Minister of Economy and Industry of the Republic of Azerbaijan Shahin Mustafayev, mutually beneficial cooperation between the two countries is reflected even in the turnover - today the level is $ 2.6 billion. By local standards impressive is the investment of Azerbaijan in the Russian regions - $ 1 billion in the past 10 years.
The head of the economic department believes that if it were not the Armenian occupation of part of the Azerbaijani territory, various economic projects could be implemented in full. Azerbaijan signed documents on cooperation with 15 subjects of the Russian Federation, and it is not the limit, he said.
According to the Minister of Regional Development of the Russian Federation Igor Slyunyayev, head of the Russian delegation, successful cooperation is observed in energy, finance, transportation, and other industries, but there is an opportunity for capacity building, especially in agro-industry, tourism and mutual investment.
One of the main points of the program is the signing of the Memorandum of Understanding between the Ministry of Regional Development of Russia and the Ministry of Economy and Industry of Azerbaijan. The program of the event includes exchange of contacts between the business communities of the two countries and a showcase of Russian companies and investment projects.
At the forum it is expected to sign a number of agreements and arrangements. As of June 23, 2014, the Republic of Azerbaijan and the Russian Federation signed documents regulating relations in more than 160 areas. Of these, 40 relate to the economy.
In terms of exports to Russia, Azerbaijan ranks third and on imports it ranks the 1st place. - 17D-
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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