Azerbaijan hopes to bring trade turnover with Russia to new level

Azerbaijani Deputy Prime Minister Shahin Mustafayev has said that Azerbaijan expects the trade turnover with Russia to exceed last year’s record figure of $4.4 billion in 2024.

Mustafayev made these remarks at the 12th Russia-Azerbaijan interregional forum, TASS reports.

“Our trade turnover increased by 17.5 per cent, reaching a record high of almost $4.4 billion in 2023. As of 2024, we hope to reach new, higher figures,” he noted.

The deputy prime minister said that the Russian Federation has invested more than $8.7 billion in the Azerbaijani economy while Azerbaijani entrepreneurs, in turn, have invested more than $1 billion.

“Currently, Azerbaijan is implementing numerous investment projects with Russia. A service centre for trucks and agricultural machinery, created with Kamaz company, opened in Azerbaijan’s Jabrayil district in June 2023. Among the landmark projects are the projects for the production and assembly of Kamaz and Ural trucks. A plant for the assembly of GAZelle vehicles was commissioned,” he stressed.

He added that Baku and Moscow have greatly expanded cooperation in industrial, transport, energy, agricultural, cultural, humanitarian and many other spheres.