Azernews.Az

By Aynur Jafarova

Azerbaijan's investment in neighboring Russia's economy has exceeded $560 million over the past ten years, Vice President of Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Vidadi Guliyev said at the presentation of the Russian-Azerbaijani Business Economic Club in Baku last week.

According to him, 479 companies with Russian investment were registered in Azerbaijan in 2004-2012.

"The Russian companies act as contractors in five projects worth a total of 10 million manats (over $12.7 million), which are carried out at the expense of Azerbaijani state investment," Guliyev said.

He said Azerbaijan-Russia trade turnover amounted to over $2.3 billion in 2012. Azerbaijan's imports made up $1.39 billion while exports stood at $960 million. In January-April 2013, the trade turnover increased by 38 percent compared to the same period of last year.

"There is great potential for the development of business relations between companies of the two countries," Guliyev said.

Speaking at the event, consultant of Russia's Trade Representation in Azerbaijan Victor Glushenko said the growth of the export potential of both countries, measures taken for the improvement of the taxation system as well as support for entrepreneurship in Azerbaijan and Russia play a significant role in the development of trade and economic relations.

The Russian-Azerbaijani Business Economic Club is a new structure established in Baku on Friday to contribute to the development of bilateral trade - economic ties.

The Russian-Azerbaijani Business Economic Club, established under the auspices and with direct participation of Russia's Trade Representation and the Russian Embassy in Azerbaijan, should become grounds for strengthening the economic relations between the two countries.

The goals and tasks of the Club are to advance and lobby Russian companies' interests in the government agencies of Azerbaijan, to support Russian companies which are operating in Azerbaijan or are preparing to access Azerbaijani markets, to support Azerbaijani companies in searching for partners in Russia and in entering Russian markets, to become a ground for exchange of experience and information on business management in Azerbaijan, and to form a positive image of the Russian business in Azerbaijan and Azerbaijani business in Russia.

The Club will also provide the companies with marketing, advertisement, legal and other support.