(AzerTAc). The trade turnover between Azerbaijan and Russia amounted to $ 2.8 billion, in 2011, up 47% from 2010, Azerbaijani Minister of Economic Development Shahin Mustafayev said at a meeting with Governor of the Volgograd region of the Russian Federation Sergey Bozhenov.
"Today, Azerbaijan successfully continues its cooperation with 70 regions of Russia; so far Azerbaijan and Russia have signed more than 160 documents. These documents have created a strong legal basis for the comprehensive development of relations between the two countries", the minister added.
"Azerbaijani companies are successfully operating in Russia, as well as Russian companies in Azerbaijan," the minister said. "Around 261 companies with Russian capital were registered in Azerbaijan in 2004-2011".
Azerbaijan has invested about $563 million in the Russian economy over the past ten years. Russian investments made in 2002-2011 amounted to $366 million. Russian companies are involved as subcontractors in a number of ongoing projects in the country.
Governor of the Volgograd region Sergey Bozhenov stressed the great potential for expanding the economic relations between countries in general, Azerbaijan and the Russian regions.
The officials discussed development of economic cooperation between Azerbaijani and Russian regions, expansion of economic ties, mutual investments and further development of business cooperation.
