Azernews.Az

Russia's investments in Azerbaijan hit $400 million, Azerbaijani Economic Development Minister Shahin Mustafayev said at the Azerbaijani-Russian business forum in Baku on Tuesday.

"Over three years Azerbaijan has registered 139 companies with the Russian capital," Mustafayev said.

He said over the first eight months of 2011 trade turnover between Azerbaijan and Russia increased by more than 60 percent compared to the same period of last year and reached $2 billion, that is, the indicator of 2010.

"Today Azerbaijan and Russia have established a solid legal framework for cooperation," said Mustafayev. According to him, 100 inter-state agreements have been signed in the economic fielf.

"The agreement on cooperation has been signed with many subjects of the Russian Federation. Draft agreements are now developed with Astrakhan, Tambov regions and Krasnodar region," said Mustafayev.

Mustafayev said it is important to accelerate the process of signing an agreement on investment protection for cooperation in the economic sphere.

On Tuesday, Baku hosted presentation of investment opportunities of the North Caucasus region. According to Deputy Prime Minister of Russia, President's envoy in the North-Caucasian Federal District Alexander Khloponin, this presentation is the first and conducting it in Azerbaijan is "not accidental".

"We decided to make the first presentation of opportunities of the North Caucasus region in Azerbaijan, since Azerbaijan is our strategic and reliable partner. We are observing dynamic growth in Azerbaijan's economy and we would like to see Azerbaijani investments in the North Caucasus," Khloponin said.