Azerbaijan, Russia aim to go beyond ordinary trade

Russia sees a significant unrealized potential for the development of economic relations with Azerbaijan, said the participants of the business breakfast, which was held within the 23rd St. Petersburg International Economic Forum (SPIEF) in Russia, Trend reports with reference to the video materials of the forum.

As was noted during the talks, the trade between the two countries grew by almost 14 percent and reached $2.4 billion last year.

Russia invested over $4 billion in Azerbaijan; Azerbaijan, in turn, invested over $1 billion in Russia. Exports from Russia to Azerbaijan grew by 12.5 percent and reached $1.7 billion.

In his speech, Russia’s Minister of Economic Development Maxim Oreshkin said that the two countries are witnessing a twofold growth in trade, services and remittances. In his words, this indicates the relationship between business and people, he said.

“If in 2018, we with my colleague, Azerbaijan’s Minister of Economy Shahin Mustafayev, discussed mainly the elimination of barriers in ordinary trade, today we are talking about complex things,” added Oreshkin.

In particular, complex projects on building added value chains, joint development of technologies, supplying goods to third-country markets, building complex logistics projects and similar initiatives are being discussed, he noted.