Azerbaijan, Russia exploring possibilities of expanding economic relations

Within the framework of the visit of the Minister of Economy of Azerbaijan Mikayil Jabbarov to the Russian Federation, the possibilities of expanding economic relations between the two countries were discussed, the ministry, told Report.

Asa part of his business trip to Russia, the minister held meetings with the Deputy Prime Minister and Minister of Industry and Trade Denis Manturov, Minister of Economic Development Reshetnikov, Head of the Central Bank Elvira Nabiullina, as well as heads of a number of Russian companies and commercial institutions.

It was emphasized that due to the great importance Azerbaijan and Russia attach to the development of relations, economic cooperation is expanding. Russia is one of the main trade partners of Azerbaijan and ranks first in the export non-oil products.

During the meetings focused on the development agenda of Azerbaijan-Russia economic relations, the discussion highlighted opportunities to enhance growth in various sectors. These sectors include trade, transport, and industry—with specific emphasis on machine building, shipbuilding, pharmaceuticals, and innovation. Additionally, the application of artificial intelligence-based solutions and finance, among other fields, were recognized as areas with potential for increased dynamism.