Azerbaijan expects trade with Russia to exceed $4.4B in 2024

Azerbaijan expects that by the end of 2024, the republic’s trade turnover with Russia will exceed last year’s record figure of $4.4 billion, Deputy Prime Minister of Azerbaijan Shahin Mustafayev said at the XII Russian-Azerbaijani interregional forum, Report informs referring to TASS.

“In 2023, our trade turnover increased by 17.5%, reaching a record high of almost $4.4 billion. By the end of this year, we hope to reach new, higher figures,” Mustafayev said.

The deputy prime minister especially noted that the Russian Federation has invested more than $8.7 billion in the Azerbaijani economy, and Azerbaijani entrepreneurs, in turn, have invested more than $1 billion in the form of investments. “Currently, a large package of investment projects with Russian participation is being implemented in Azerbaijan. In June last year, a service center for trucks and agricultural machinery, created with the participation of Kamaz PJSC, opened in the Jabrayil district. Among the landmark projects, one can also note projects for the production and assembly of Kamaz and Ural trucks, a plant for assembling Gazelle vehicles was commissioned,” Mustafayev said.

He noted that Baku and Moscow have seriously expanded cooperation in recent years in a number of areas, such as cooperation in industrial, transport, energy, agricultural, cultural, humanitarian and many other areas.