Azernews.Az

By Ayya Lmahamad

Representatives of Russia’s Oryol region arrived in Azerbaijan with a business mission on November 9, Azernews reports.

The delegation, led by the regional Export Support Center Head Inessa Volkova, included representatives of Expert Cable LLC (manufacturer of cable and wire products), Katrina LLC (manufacturer of innovative products for heating), and Samson LLC (manufacturer of lifting mechanisms and removable load-handling devices).

The delegation held a meeting at the representative office of the Russian Export Center in Azerbaijan. During the meeting, the delegation’s participants presented their companies and were able to ask questions about opportunities to develop business relations with Azerbaijan.

Russian trade representative in Azerbaijan Ruslan Mirsayapov spoke about financial and non-financial instruments to support exporters, features of participation in public and private procurements, and additional opportunities for promoting products of Oryol region manufacturers.

Inessa Volkova noted that the export of SMBs of Oryol Region in the region’s total export amounts to 38 percent, which is quite high compared to other central Russian regions.

The participants in the business mission are expected to hold a number of negotiations, B2B meetings, and visits to Azerbaijani companies.

The purpose of the visit is to conclude export contracts for the supply of products of enterprises of Oryol Region.

Azerbaijan and Russia cooperate in different sectors, such as the economy, agriculture, customs, communications, high technology, and others. Over 230 intergovernmental and intercompany documents have been signed between the two countries and six road maps are being implemented.

Azerbaijan's investments in the Russian economy have exceeded $1.2 billion, with the majority of the investments being in the non-oil sector. In addition, Russian investments in Azerbaijan's economy totaled $6.3 billion with $5 billion in the oil sector and $1.3 billion in non-oil sectors.

The trade turnover between Azerbaijan and Russia amounted to $2.9 billion in 2021, making Russia Azerbaijan’s third-largest partner.

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

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