Tuesday April 16 2024

Fourteen Russian firms apply for work in liberated lands

17 February 2022 17:59 (UTC+04:00)
Fourteen Russian firms apply for work in liberated lands

By Ayya Lmahamad

Fourteen Russian companies have applied for work on Azerbaijani territories liberated from Armenia's occupation in 2020.

The remarks were made during a videoconference meeting between Azerbaijani Deputy Prime Minister and co-chairman of the Azerbaijan-Russia intergovernmental commission on economic cooperation Shahin Mustafayev and Russian Deputy Prime Minister and co-chairman of the commission Alexei Overchuk.

The parties emphasized that opportunities for Russian companies to participate in projects implemented in Azerbaijan's industrial parks have also been created.

The sides agreed during the meeting that Azerbaijan and Russia will continue to fully support the expansion of mutual investments.

Mutual investment, trade turnover

It was also noted that Azerbaijan invested $1.2 billion in the Russian economy, while Russia invested more than $6 billion in Azerbaijan's economy.

The parties discussed a wide range of trade and economic cooperation issues, with a particular emphasis on industry, energy, transportation, agriculture and food security, financial and banking, and interregional cooperation.

They emphasized that bilateral trade and economic cooperation is at a high level and has significant room for improvement.

Thus, bilateral trade turnover increased by 14.4 percent to $2.9 billion in 2021.

Forums, business missions

The official also noted the importance of the development of interregional cooperation. The format of the Russian-Azerbaijani interregional forum was identified as a key platform for dialogue at this level. It should be noted that the 11th interregional forum is planned to be held in 2022.

The parties also noted that the development institutions and representatives of business communities also taken an active position in the development of the bilateral relations.

They recalled that a business mission of Russian companies was held in Baku on July 2021, with the participation of leading Russian industrial companies. In addition, on November 2021, in Baku, a business mission was held in the field of development of urban infrastructure "smart city".

Bilateral cooperation

In the field of electric power, the parties noted the great potential for further cooperation in the oil and gas sector and in the renewable energy sources field.

Discussing cooperation in transport, the parties paid special attention to the development of the North-South international transport corridor project.

The parties also considered the development of cooperation in agriculture and food safety.

It was noted that food and agricultural products occupy a leading position in the mutual trade of Russia and Azerbaijan.

The turnover of food and agricultural products between the countries in 2021 increased by 3.4 percent and amounted to $1.3 billion.

Stressing that Russian-Azerbaijani agro-industrial relations occupy an important place in the system of foreign economic relations, they noted that the first freight train carrying fruit and vegetable products from Azerbaijan to Russia was launched within the Agroexpress project in February 2022.

The parties confirmed their readiness to continue a constructive dialogue aimed at strengthening Russian-Azerbaijani relations in all areas of cooperation.

Azerbaijan and Russia have mutual cooperation in different fields, such as economy, agriculture, customs, communications, high technology, and others. More than 230 intergovernmental and intercompany documents have been signed between the two countries and six "road maps" are being implemented.


Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

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