Baku hosting 9th Russia-Azerbaijan Interregional Forum

The 9th Russia-Azerbaijan Interregional Forum has opened in Baku today. The event is aimed at developing trade, economic and humanitarian ties between the regions of the two countries, being a platform for joint work of Russia and Azerbaijan, including the relevant ministers, extraordinary and plenipotentiary ambassadors of both countries, the business community and experts.

The event is organized by the Russian Ministry of Economic Development jointly with the Azerbaijani Ministry of Economy. 

An expanded meeting of the Azerbaijani-Russian and Russian-Azerbaijani business councils was held as a part of the forum.

Azerbaijan’s Economy Minister Shahin Mustafayev, who addressed the expanded meeting, noted that the cooperation between Azerbaijan and Russia is based on mutual respect and good-neighborliness at the level of strategic partnership. The minister stressed that Azerbaijan and Russia are experiencing positive dynamics of the development of bilateral trade.

According to Mustafayev, Russia is one of the main trade partners of Azerbaijan and comprehensive measures have been recently taken to diversify the trade turnover. The minister added that Azerbaijan has invested over $1 billion in the Russian economy, while Russia has invested over $4 billion in the Azerbaijani economy.

He noted that there are 760 companies with Russian capital operating in Azerbaijan and also said that Azerbaijan intends to open wine and trade houses in a number of Russian cities.

Russian Minister of Economic Development Maksim Oreshkin said, in turn, that Russia is working to reduce barriers in cooperation with Azerbaijan.

The Azerbaijan-Russia Business Council's Chairman Samad Gurbanov said about the activities of the council. "We are very pleased to be ready to establish contacts with all the subjects of the Russian Federation, as well as to stimulate the interest of Azerbaijani business circles in investing in these regions," he noted.

The minister stressed that a number of major projects in the regions of Russia have been recently implemented by the members of the Council and with its direct assistance.

Head of the Russian-Azerbaijani Business Council Alexey Repik said, in turn, that the Russia-Azerbaijan relations are the ties of strategic partners, which cover different spheres of the economy.

The event's program also include a series of round table meetings titled 'Industry: prospects of bilateral cooperation', 'Development of cooperation in tourism', 'Development of cooperation in agrarian sphere', 'Cooperation on small and medium businesses', 'Strengthening cooperation in the humanitarian sphere', 'Strengthening cooperation in transport and transit' and 'Prospects of cooperation in development of women's entrepreneurship'.