Details of Azerbaijan-Russia mutual investments revealed

To date, Russia has invested $6.3 billion in the Azerbaijani economy, while Azerbaijan invested $1.2 billion in the Russian economy, Deputy Economy Minister of Azerbaijan Niyazi Safarov said at an event dedicated to the presentation of Udmurtia's export and investment potential.

"Russia has invested $5 billion in the oil sector and $1.3 billion in the non-oil sector of Azerbaijan. Azerbaijan's investment in Russia is almost entirely in the non-oil sector," he noted.

Niyazi Safarov also stressed that Russia is one of Azerbaijan's largest trading partners.

"In 2021, the Azerbaijan-Russia trade turnover reached $3 billion, with Azerbaijan's imports from Russia responsible for $2.1 billion, and country's exports to Russia accounting for $0.921 billion. Last year, trade with Russia accounted for 8.83% of Azerbaijan's foreign trade turnover. In particular, Russia's share in Azerbaijan’s imports was 17.72%, while the share in exports was 4.15%. Compared to 2020, trade with Russia increased by 12.1%; exports to Russia soared by 29.8%, and imports went up by 5.7%.”

"Russian companies have so far participated as contractors in 68 projects worth $273.9 million. Azerbaijan attaches great importance to the development of trade and economic relations with various regions of Russia, and we are pleased that the leaders of both countries support this trend. Taking this opportunity, I call on the representatives of the business community gathered here today to be active and create new opportunities for trade and investment cooperation, " Safarov added.