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Russian investments in Azerbaijan exceed $410M

This article was published on 02 November 2016 at 01:17 AM. It has 26 views so far.

The Russian Export Center has allocated more than $410 million for implementation of 11 joint projects with Azerbaijan up until now, Alexander Tsybulskiy, Russian deputy minister of economic development, said.

“This means that the mechanism of financial support for export activity is applicable and is used by businessmen of the two countries,” Tsybulskiy said at the 7th Azerbaijan-Russia Interregional Forum, which is being held in Baku Nov. 1.

He said that a very important task is to create favorable conditions for joint business, as well as mechanisms and tools of its support.

“The trade and logistics center between Makhachkala and Kaspiysk cities of the Republic of Dagestan, Russia, organized with the participation of Azerbaijani investors can be cited as one of the real examples of cooperation,” he said.

“Some 10 billion rubles will be invested in the implementation of this large project,” he said. “The logistics facilities stretching almost 144,000 square meters are planned to be constructed. As a result, more than 1,500 jobs will be created.”

He added that currently, around 600 Russian companies operate in the Azerbaijani market, including 200 companies with full Russian share.