Azernews.Az

By Nazrin Gadimova

Azerbaijan and Russia discussed prospects for developing economic ties during a visit of a delegation led by Russian Economic Development Minister Alexei Ulyukayev to Azerbaijan.

"The two countries are planning to co-invest in some projects of mutual benefit," Alexei Ulyukayev told journalists in Baku on June 2.

"We can take the opportunities of the Azerbaijani State Oil Fund (SOFAZ) and the National Welfare Fund of the Russian Federation, as well as Azerbaijan Investment Company (AIC) and the Russian Direct Investment Fund," he said.

The areas for potential Russian investment, according to Ulyukayev are creation of logistics centers and manufacturing railway wagons and equipment for production and transportation of oil and gas.

Speaking about the potential of Azerbaijani investment in Russia, the minister stressed that there are also great opportunities in setting up logistics centers, adding that the Azerbaijani entrepreneurs are willing to invest in the logistics center in Yekaterinburg.

Moreover, Ulyukayev said the two countries need to establish a ferry transport line.

"Azerbaijan has already set up a similar line with Kazakhstan and Turkmenistan, and the absence of such infrastructure with Russia seems strange," he said, noting that the opening of a ferry line between the two countries will substantially reduce costs for cargo transportation.

Later on June 2, President Ilham Aliyev received Ulyukayev to discuss issues of expansion of bilateral economic cooperation. The meeting emphasized successful development of bilateral relations in the political, economic and other spheres.

Addressing the meeting, Ulyukayev said his visit to Azerbaijan has created a good opportunity to discuss prospects of cooperation between the two countries.

Azerbaijani Economy and Industry Minister Shahin Mustafayev also met his Russian counterpart. Following the meeting, the sides signed a memorandum of understanding (MoU), which calls for promoting cooperation between enterprises and organizations registered in the territory of Russia and Azerbaijan regardless of their organizational-legal form.

To promote trade relations between two nations, the sides intend to hold some business forums, exhibitions and fairs, workshops, consultations and negotiations.

Azerbaijan's First Deputy Prime Minister Yagub Eyyubov met Ulyukayev afterwards.

During the meeting, Eyyubov said Russia is an important strategic partner for Azerbaijan, which is confirmed by the figures of trade turnover and investments.

Ulyukayev, in turn, praised relations in the field of trade and economic cooperation between Russia and Azerbaijan as a highly promising and dynamic.

"The figures of trade turnover and investments stand at a good level for the time being, but they could get higher in future," he added.

During Baku visit, Ulyukayev also attended a lecture on "Global Economic Trends and the role of Russia in Global economy", chaired by Shahin Mustafayev and Rector of ADA University Hafiz Pashayev.

Azerbaijan and Russia are discussing the possibility of creating a joint investment fund, he said at the meeting.

Ulyukayev said using the joint fund co-investment in mutually beneficial projects is possible.

"It is important to invest in those areas stimulating the growth of mutual trade and investment, such as agriculture, food processing, logistics and transportation systems," the minister said.

The Russian delegation headed by Ulyukayev also visited Sumgayit Technology Park (STP) afterwards.

The delegation got acquainted with the activities of plants for the production of cables, plastic pipes, high-voltage electrical equipment, production of solar collectors, electrical appliances, operating in STP.

Moreover, they visited a plant for the production of polymer in the same park.

Azerbaijani-Russian business forum will be held in Baku on June 4 as part of the visit of the Russian delegation.