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Azerbaijan makes intensive business investments in Russia

2 April 2014 15:10 (UTC+04:00)
Azerbaijan makes intensive business investments in Russia

By Nazrin Gadimova

Azerbaijani businessmen are investing intensively in Russia, and their direct investments amounted to $789 million at the end of 2012.

The news was announced by Head of Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Rufat Mammadov at a press conference, dedicated to the meeting of the business mission of Moscow's small and medium-sized enterprises in Baku on April 2.

He added that Russian companies also actively participated in Azerbaijan's business, and 570 Russian companies have invested more than $600 million in the local economy in the last ten years.

Emphasizing the high level of Russian companies' interest in Azerbaijan, Mammadov said only AZPROMO has organized 16 business forums and meetings in the past three years in which businessmen from the two countries have taken part.

Speaking at the press conference, Counsellor at the Russian Embassy in Azerbaijan Vladimir Komolov said interregional relations between Azerbaijan and Russia have recently intensified, adding that a delegation of businessmen from the Sverdlovsk region has recently visited Baku.

Azerbaijan's Deputy Ambassador to Russia Qudsi Osmanov and Moscow's Deputy Head of the Science, Industrial Policy and Entrepreneurship Department Dmitry Knyazev emphasized the high interest of business circles of the two countries in mutual cooperation and spoke about the usefulness of such meetings.

The visit of the Moscow businessmen is part of the "Business Marathon 2014", which takes place in 40 cities of Russian regions and foreign countries. The project is aimed at assisting in the establishment of direct mutually productive trade cooperation between the entrepreneurs of the two regions.

An Azerbaijani-Russian business forum will be held in Baku as part of the visit of a Russian delegation on April 3.

The delegation is headed by Acting Governor of Russia's Stavropol region Vladimir Vladimirov.

Organized by the AZPROMO with the support of the Azerbaijani Ministry of Economy and Industry, the event will bring together the representatives of Stavropol's companies operating in agro-industrial complex, food industry, construction, energy, chemistry, education, and other areas.

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