Azerbaijan is one of the most effective trade partners of Russia in the CIS space, the Deputy Chairman of the Russian part of the intergovernmental commission, Alexei Likhachev, said at a meeting of the intergovernmental commission on economic cooperation between Russia and Azerbaijan. "The amount of Russian investment in Azerbaijan has reached $1.5 billion. The turnover of our services is about $500 million, and our companies are working practically in all spheres," he said.
The deputy head of the Ministry of Economic Affairs also drew attention to the fact that there are about 600 Russian companies in Azerbaijan today.
In addition, he invited Azerbaijan to cooperate in the field of so-called counter-sanctions. "Russia has take retaliatory measures by limiting the number of the supply of agricultural products from unfriendly countries. First of all, agricultural products are very popular, although there are reserves. Today, the Ministry of Agricultures of the two countries discussed issues of mutual market access for agricultural products. Russian companies also have capacity," the deputy chairman of the Russian part of the intergovernmental commission said.
In addition, he said that the regulatory framework is actively developing. "The result of our joint work with the Department of Industrial Economics of Azerbaijan was an agreement on protection of capital investments. This is important, a breakthrough agreement, which will allow a number of Azerbaijani companies to cooperate more actively in Russia and Russian companies in Azerbaijan. A large program of medium-term trade and economic cooperation until 2020 is also being prepared. We see Azerbaijan as a very reliable partner in the CIS space. I am happy to say that we are dealing with a very professional Azerbaijani team," Alexei Likhachev concluded.
