Russian companies keen on investing in Azerbaijan President’s envoy says

Russian companies are keen to invest in Azerbaijan, signifying a strengthening of economic ties between the two nations.

Boris Titov, Russian president’s special envoy for relations with international organizations, shared these insights during a press briefing following the recent Azerbaijan-Russia Intergovernmental Commission's meeting in Baku, Caliber.Az reports per local media.

Titov highlighted the positive trajectory of economic relations, revealing that bilateral trade has gained impressive momentum, with a reported 13 per cent increase in trade volume during the first half of 2024. This growth underscores the deepening cooperation between Azerbaijan and Russia.

The surge in mutual investments, particularly from Russia, has been notable. Titov pointed to the servicing of Russian vehicles such as KamAZ and Ural in Azerbaijan, as well as the establishment of assembly plants for Lada and Gazel, which reflect a commitment to enhancing local production capacities.

In addition to the automotive sector, Russian investment is also flowing into Azerbaijan's agricultural domain, with particular focus on winemaking and construction material production.

Titov further pointed out the revitalization of the historic "Aghdam" wine brand, emphasizing that the quality of Azerbaijani wines now stands proudly alongside the world’s finest.