Russia proposes to create fund to finance Azerbaijani-Russian projects
By Amina Nazarli
The Russian Ministry of Economic Development considers it expedient to establish Azerbaijani-Russian Fund to finance joint projects.
Deputy Minister of Economic Development of Russia, Alexander Tsybulsky said that the creation of a specialized fund can and should be considered.
“Such funds are always enhancing the feasibility of special projects. If such an initiative has been expressed by the head of Dagestan [Ramazan Abdulatipov], I think that it will be worked out and, if there are interested parties then such proposals needs to be implemented and put into practice," Tsybulsky said.
Head of Dagestan Ramazan Abdullatipov, addressing the 7th Azerbaijani-Russian Inter-regional Forum, said that Azerbaijan and Russia should establish a special fund to finance joint projects and agreements, which are realized within the framework of the Forum.
The forum saw signing of 12 documents, although, according to Abdulatipov, the list of these documents is too short.
"Each of sub-federal units of Russia and regions of Azerbaijan may sign dozens of such agreements, but most importantly, that such agreements were supported by specific projects. It's possible even to hold a special selection of interregional projects and form a foundation for their financing within the framework of the Forum," he said.
Azerbaijan is interested in enhancing business cooperation with Russian regions, by means of increasing the number of mutual agreements and business entities. Bilateral agreements on trade-economic, scientific-technical, and cultural cooperation were signed with a number of Russian regions at the intergovernmental level till now.
Two regions of Russia, Dagestan and Tatarstan, have representative offices in Azerbaijan.
The trade turnover between Dagestan and Azerbaijan amounted to $161.1 million in 2015, including imports from Azerbaijan worth $140.3 million, according to the North Caucasus Customs Directorate of Russia.
As part of the recent Forum, Azerbaijan and Dagestan have agreed on interaction in development of foreign economic relations and inked a relevant Memorandum of Cooperation between the Agency for Entrepreneurship and Investments of Dagestan and the Foundation for Export and Investment Promotion in Azerbaijan.
The parties agreed to collaborate on the development of foreign economic relations, including assistance in organizing and holding business forums, business meetings, exchanges of delegations to familiarize businesses with economic opportunities in both countries.
The two countries will also contribute to searching potential partners and attracting investments for their businesses.
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Amina Nazarli is AzerNews’ staff journalist, follow her on
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