Azerbaijan invested over $500 million in Russia in 10 years


Azerbaijani Minister for Economic Development Shakhin Mustafayev met Governor of the Volgograd Region of Russia Sergey Bozhenov in Baku on September 24 and noted that Azerbaijan had invested about $563 million in Russia in 10 years, Trend reports.

The minister said that Azerbaijan had 261 companies with Russian capital registered in 2004-2011. Russia invested $366 million in Azerbaijan in 2002-2011.

Russia and Azerbaijan have over 160 documents signed. The intergovernmental commission plays a significant role in the economy.

Trade turnover between the two states totaled $2.8 billion in 2011, increasing by 47% compared with 2010. Azerbaijan cooperates with over 70 Russian regions, the minister noted.

The officials discussed development of economic cooperation between Azerbaijani and Russian regions, expansion of economic ties, mutual investments and further development of business cooperation.

Adapted from vestnikkavkaza.net

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