Direct Azerbaijani investments in the Russian economy exceeded $ 1 billion, said Deputy Minister of Economy and Industry of Azerbaijan Sahib Mammadov.

 “Currently there are about 600 companies with Russian capital operating in Azerbaijan. In recent years, the Russian side invested over $ 3 billion in the Azerbaijani economy. In turn, direct investment in the Russian economy on the part of Azerbaijan amounted to more than $ 1 billion”, – Mammadov said in an interview with Pravda.Ru

The deputy minister highlighted some successful projects implemented by Azerbaijani companies in Russia in recent years.

“For example, the company “Karat Holding” this year commissioned a sanatorium-resort centre “Istochnik” (“Spring”) worth $25 million in Yessentuki. “Azersun Holding” has constructed a canned fruits and vegetables plant worth $8 million in Krasnodar region, as well as a tea factory worth $3 million. “Karvan-L” has implemented construction and equipment projects for “STALPROM” in Kabardino-Balkaria and construction of “Anji” sports complex worth about $1.5 million in the Republic of Dagestan. “Matanat-A” started the construction of the plant on production of dry building mixes worth $33 million in Krasnodar region”, – said Mammadov.

According to him, there is a solid legal framework for cooperation between the two countries: more than 170 documents, including 50 in the economic sphere, have been signed.

“The two countries have established and successfully develop multifaceted cooperation in the areas of trade, investment, industry, fuel and energy, agriculture, transport and transit, tourism, humanitarian and other areas”, – said Mammadov.

 The deputy minister noted that trade relations are one of the most important areas of the Azerbaijani-Russian cooperation.

“Today, Russia ranks third in trade turnover of Azerbaijan, as well as first place in import”, – said Mammadov.

Source: Minval.az