Russian business sector looks to enhance economic co-op with Azerbaijan

22 August 2021 10:21 (UTC+04:00)

By Trend

Russian business sector is interested in developing economic cooperation with Azerbaijan, the Ministry of Industry and Trade of Russia told Trend.

"In the coming years, Azerbaijan intends to implement essential and ambitious projects, and of course, Russian companies are ready to participate in them. In this direction, many proposals of Russia on the supply of products and technologies, rendering services in the sphere of infrastructure development, industrial and civil engineering, resettlement of transport corridors," the ministry said.

Moreover, in accordance with the Country Action Plan on the development of foreign trade relations of Russia with Azerbaijan for 2021-2023, the prosperous industrial sectors are mechanical engineering, pharmaceutical industry, food industry, timber industry, building materials, digital technologies, the ministry noted.

A significant number of Russian companies operate on a long-term basis in Azerbaijan, many of them are large enterprises, local taxpayers, and employers. For example, LUKOIL, KDV, VTB Bank (Azerbaijan), added the ministry.

The Russian ministry also stated that in 2021 it is planned to draw up the construction of the R-Pharm plant in the Pirallahi Industrial Park, to begin full-scale production of Azerbaijani-made medicines.

"Thanks to the transfer of technologies, the new enterprise will be able to produce modern highly effective medicines for the treatment of oncological, hematological, autoimmune and endocrine diseases, the treatment of HIV/AIDS, viral hepatitis of various types and other diseases. The design capacity of the plant will be 250 million packages per year," said the ministry.

The ministry noted that the pharmaceutical market of Azerbaijan is attractive for Russian manufacturers.

"The Azerbaijani leadership places great emphasis on this sector. In order to stimulate the production of medicines, in May 2020, the president of Azerbaijan signed a corresponding decree, which makes it possible to consider medicines as a local commodity, the packaging stage of which within the production process is carried out on the territory of Azerbaijan, from June 1, 2020 for five years," noted the ministry.

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