Farkhad Amirbekov: economic cooperation with Russia is extremely relevant for Azerbaijan

Farkhad Amirbekov: economic cooperation with Russia is extremely relevant for Azerbaijan

Economic cooperation with Russia is becoming extremely important for Azerbaijan in the conditions of post-oil period of Azerbaijani economy, financial expert Farkhad Amirbekov said in an interview with Vestnik Kavkaza.

"The urgency of building up Russian-Azerbaijani economic contacts is increasing, since Azerbaijan is experiencing a post-oil period - the third oil boom has already ended (the peak of oil production was achieved in 2011). During this period we searched for a new model of economic growth, and we naturally bet on the growth of industry and agricultural sector. In this context, Azerbaijan and Russia can cooperate in the field of labor, so that didn't try to compete and complemented each other," he said.

"Agrarian sector is developing at the fastest pace in Azerbaijan. We are restoring production of cotton, a technical plant. It is used to create a lot of useful products, about 25. We want to increase the production of agrarian products, which can serve as raw materials for food industry. Considering the difference in climate and availability of fresh water, as well as the need for high-quality food, I think Azerbaijan can take this niche in the Russian market," he noted.

Cooperation between the two countries in automotive industry is also promising. "During Soviet times, automotive industry was a very strong side of Azerbaijani economy. In 1985, for example, it amounted to 22-23% in the structure of Azerbaijani industry. Bringing Azerbaijani products into technological chains that are already operating in the Russian Federation would be a reasonable decision for both sides," the expert stressed.

"Impressive figures were shown by the production of grain in Russia. This country is undoubtedly in the first place in this field. Russian farmers' experience, as well as their technologies and organization of production can be used in Azerbaijan, which would mean the migration of labor force in both directions. If we follow this path and reduce competition among ourselves, we can compete with the outside world together," he concluded.