Azerbaijan keen on increasing investments in Russia’s tourism, agriculture

The priority areas of cooperation between Azerbaijan and Russia include key spheres of export supplies of Russian products of oil and gas industry, head of representative office of the Russian Export Center (REC) in Azerbaijan Nuri Guliyev told Trend.

He said that the priority areas of cooperation – machine engineering, automotive, car building, pharmaceutical industry, products of the metalworking industry, the agro-industrial and forest industry complex and other industries – are in demand in the Azerbaijani market.

Guliyev noted that the Azerbaijani market is interesting for Russian exporters. This is due to a number of criteria, the fundamental one being the principle of free trade, enshrined in the agreement between the governments of Russia and Azerbaijan on free trade dated Sept. 30, 1992, which provides for duty-free trade between the countries, and this, in turn, certainly affects the attractiveness of Russian products in terms of pricing, he said.

“This factor allows Russian products of various industries to remain as competitive as possible and in demand in the Azerbaijani market,” Guliyev said. He noted that the Russian-Azerbaijani and Azerbaijani-Russian business councils are an additional powerful lever for increasing trade and economic relations between the two countries.

He added that the Azerbaijani side is showing interest in increasing investments in the Russian agro-industrial and tourism sector. “In particular, successful example of implementing the project for the construction of a health resort in Russia’s Yessentuki city can be mentioned,” he said. “A project worth more than 1.5 billion rubles was invested by Azerbaijani companies.”

Azerbaijan’s trade turnover with Russia amounted to almost $2 billion in January-October 2018, according to Azerbaijan’s State Customs Committee. At the same time, the export of Azerbaijani products accounted for $509.98 million. Compared with the same period last year, trade between the two countries grew 20 percent.

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