Exports from Russia to Azerbaijan experienced a 12.5-percent increase in 2018, rising to $1.7 bln, while trade turnover between the countries climbed 13.8% to $2.4 bln, according to the files released by the Russian Export Center (REC), ONA reports citing TASS.
"Azerbaijan is a modern, fast-paced country. That attracts Russian companies to implement joint economic projects. Over 750 joint companies run operations on Azerbaijan’s market, of which around 300 have 100% Russian capital and more than 450 are in the joint-venture format," Director General of the Russian Export Center Andrey Slepnev told.
Persistent efforts are made towards economic diversification and development of joint productions, he said. The establishment of the GAZ car assembly plant in Azerbaijan has become one of the results. The foundation stone laying was held this February for a new manufacture facility to produce commercial freight vehicles and special-purpose machinery.
"We have created an efficient communication platform for Russian and Azerbaijani companies. In 2018, REC supported Russian exports to Azerbaijan totally worth around $284 mln," Slepnev said.
REC’s representative office in Baku started operations in December 2017, he noted. The government’s tasks include assistance to Russian exporters and Azerbaijani consumers of Russian products in selection of relevant partners, participation in exhibitions, fairs and business missions, helping along with provision of financial and non-financial support to joint projects, as well as on third markets, assistance in lifting emerging barriers for implementation of joint projects and more.
On April 3-4, REC will hold a business mission in Baku, Russian Industry and Trade Minister Denis Manturov will participate in the events. Signings between four Russian companies and the Azerbaijani business are expected as part of the upcoming mission: an agreement on cooperation and interaction between Rostselmash and Sumgait Technologies Park, a memorandum on cooperation between Transmashholding and Sumgait Technologies Park, a memorandum of intent regarding fence systems implementation between AzOkso and Service Invest and an agreement between AzOkso and State Agency of Azerbaijan Automobile Roads.
Russian exports to Azerbaijan was mainly represented by the following commodity groups in 2018: food items and agricultural produce - $422.1 mln, machinery, equipment and transport vehicles - $381.6 mln, metals and articles made therefrom - $315.9 mln, timber, pulp and paper products - $238.1 mln, as well as chemical products, rubber - $198 mln.
Meanwhile, Russia imported food items and agricultural produce worth $526.1 mln, mineral commodities worth $103.6 mln, textile, and articles made therefrom, footwear worth $35.9 mln.