Azerbaijan pays special attention to cooperation with North Caucasian republics

Baku is hosting the Azerbaijani-Russian business forum organized by the Azerbaijan Foundation for Export and Investment Promotion (AZPROMO). The Forum is being attended by a delegation from Ingushetia, led by the Prime Minister of the Republic, Musa Chiliev. Speaking at the forum, the Minister of Economic Development, Shahin Mustafayev, said that in the first five months of 2013 the trade turnover between Azerbaijan and Russia grew by more than 38%. Over the past few years, Russia has invested $468 million in Azerbaijan's economy, and Azerbaijan $563 million in the Russian economy, while 479 companies with Russian capital are currently operating in Azerbaijan, the minister said. "Today Russia is one of the main economic partners of Azerbaijan. In various spheres, Azerbaijan cooperates with 71 of the 83 federal subjects of Russia. In the economic field alone, over 30 agreements have been signed between the two countries," Shahin Mustafayev said. "Our country has traditionally attached great importance to cooperation with Russia. The level of relations between the two countries has risen to strategic. Particular attention has been paid to the relationship with the North Caucasus region of Russia," Mustafayev said in a speech made in Baku at the Azerbaijani-Russian business forum, Trend reports. According to Mustafayev, contacts with the North Caucasus region of Russia have intensified in the past two years. "Unfortunately, today it is impossible to speak of serious trade and cooperation between Azerbaijan and Ingushetia, but I think that this visit of the Ingush delegation will give impetus to the development of the relations between us," the Minister noted.