Baku: The city of Baku is hosting Russian-Azerbaijani Business Forum that is attending by 70 companies from both sides operating in a variety of fields, including agriculture, industry, construction, consulting, and tourism.
Organized by Azerbaijan Export and Investment Promotion Foundation (AZPROMO) in partnership with the Economy and Industry Ministry, the event is getting interest from investors and business practitioners of both the countries. Speaking to the event, head of AZPROMO, Rufat Mammadov, highlighted the economic situation in Azerbaijan. He said that over the past four years, AZPROMO held more than 23 events attended by business circles of Azerbaijan and Russia.
It may be mentioned that Baku and Russia already hosted a Business Forum in April that was attended by delegation of the Ulyanovsk Region of the Russian Federation led by Acting Governor of Stavropol Vladimir Vladimirov.
Russia is the main trade partner of Azerbaijan in the CIS. Over the past ten years, the volume of Azerbaijan’s investment in Russia’s economy amounted to around $1 billion, $200 million of which fell on 2013. About 570 Russian companies are operating in the country, Azerbaijani Economy and Industry Ministry said, adding that over $628 million was invested in fixed capital.
Foreign trade turnover between Azerbaijan and Russia amounted to $2.58 billion in 2013, which is 10.47 percent more than 2012. Azerbaijan’s export to Russia amounted to $1.078 billion, while the import of goods from Russia totaled $1.505 billion during the reported period.