Azerbaijan, Russia sign 11 documents during joint interregional forum
By Nazrin Gadimova
Azerbaijan and Russia signed six interagency agreements and five business contracts during the 5th Azerbaijani-Russian interregional forum entitled "Interregional cooperation: new opportunities for growth" held in Gabala on June 23-24.
The two-day event brought together business circles of the two countries, who discussed prospects for development of economic relations.
On the second day of the forum, the participants released a joint report addressed to the presidents of Azerbaijan and Russia, Ilham Aliyev and Vladimir Putin.
"The fifth forum, which brought together members of parliament, representatives of the regions, government agencies, private companies, and media from both countries exchanged views on the main directions of development of social, socio-economic and humanitarian ties," the document reads. "We organized roundtables to discuss prospects of Azerbaijani-Russian inter-regional cooperation in various fields."
Six interagency agreements and five business contracts were signed, including a letter of intent between Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and Economic Development Ministry of the Republic of Ingushetia.
"Moreover, Azerbaijan and Russia have prepared a roadmap for the construction of a border bridge across the Samur river," Russian Deputy Transport Minister Sergei Aristov said.
"Our experts have prepared a roadmap for the implementation of the project, including timelines, targets and all the necessary documents have been signed," Aristov said, adding that the two countries established a very stable railway communication.
"Despite some crisis in the global freight, Azerbaijan and Russia have traffic growth of railway transportation. During the first quarter of this year 22,000 passengers and nearly a quarter million tons of cargo have been already transported."
The Russian minister added that a tripartite project on the construction of a new railway line between Azerbaijan, Russia and Iran were also discussed.
Addressing the roundtable held as part of the forum, President of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Rufat Mammadov said Azerbaijani companies have invested more than $1 billion in the Russian economy so far.
"There are nearly 70 companies with the Russian capital in Azerbaijan. We have built a firm legal framework; more than hundred documents have been signed. We have created favorable conditions for the Russian companies working in Azerbaijan," Mammadov said.
Touching upon relations between the two countries' entrepreneurs, Mammadov said five business forums had been organized jointly with Russian companies in the last three months.
"We are interested in cooperation in all fronts. We have a diversified trade. There are big opportunities for extending the cooperation. There are companies in Azerbaijan that haven't yet entered the Russian market, but want to do this," AZPROMO president added.
Russia is the main trade partner of Azerbaijan in the CIS. Over the past ten years, the volume of Azerbaijan's investment in Russia's economy amounted to around $1 billion, $200 million of which fell on 2013.
About 570 Russian companies are operating in the country, and over $628 million was invested in fixed capital.