Russian investments in Azerbaijani economy total $3B

The Russian investments made in Azerbaijan's economy total $3 billion, said Niyazi Safarov, Azerbaijan's deputy economy minister.

He made this statement at the Azerbaijan-Russia business forum in Baku June 20.

Safarov added that more than 600 enterprises operating with Russian capital have been registered in Azerbaijan.

"More than $235 million out of the Russian investments were made in the non-oil sector of Azerbaijan's economy. Russia invested $2.8 billion in the oil sector," he said. "At the same time, Azerbaijan invested over $1 billion in the Russian economy."

"Russian companies are also contractors of 10 projects, which are being implemented through the state investments," added Safarov.

He said more than 170 agreements have been signed between Azerbaijan and Russia lately, more than 50 out of them being signed in the economic sphere.

Safarov also said the trade turnover between the two countries amounted to $1.9 billion in 2015.

Source: Trend