The two neighboring countries, Russia and Azerbaijan, have historically developed productive cooperation in many sectors. Currently, there are about 570 Russian companies operating in Azerbaijan.

Over the past few years, Russian investments in Azerbaijan's economy exceeded $600 million, while Azerbaijan has invested almost $1 billion in the Russian economy in the last 10 years, according to the Ministry of Economy and Industry of Azerbaijan. Bilateral turnover between the two states totaled $2.6 billion in 2013, the Azerbaijani State Customs Committee said.

A good tradition is to hold Azerbaijani-Russian Business Forums, the latest one taking place this week in Baku. The forum was attended by about 60 businessmen representing such areas as industry, agriculture, construction, consulting and tourism.

"The trade turnover between Russia and Azerbaijan increased by 10% in 2013,”Azerbaijani Minister of Economy and Industry,” Shahin Mustafayev said. “Despite this, there are broad opportunities for further development of mutual cooperation, and Azerbaijan is interested in this."

The former Soviet state is now cooperating with 78 entities from Russian Federation. So far, Azerbaijan and Russia have signed more than 30 business contracts. The recent forum saw the country signing even more contracts and agreements with Russian regions. By way of example, the Chambers of Commerce of Azerbaijan and Stavropol Krai inked agreements of cooperation in the tourism sector. 

Also, the two sides plan partnership in such areas as greenhouses, food security, development of agribusiness and logistics business. The local officials stress that economic development in Azerbaijan has provided entrepreneurs with necessary resources to invest abroad.

Bakudaily.az