Moscow, Baku On Path To Hit $5Bln In Trade In 2023 - Deputy Prime Minister

Russia and Azerbaijan are on course to reach $5 billion in trade in 2023, Russian Deputy Prime Minister Alexei Overchuk said on Friday

KAZAN (UrduPoint News / Sputnik - 19th May, 2023) Russia and Azerbaijan are on course to reach $5 billion in trade in 2023, Russian Deputy Prime Minister Alexei Overchuk said on Friday.

"Our trade volumes have been growing steadily. In 2022, the turnover between our countries was $4.17 billion, which is a significant increase, by almost 24.5%. This year, the growth has been good, and we calculate, well, at least, we estimated a $5 billion turnover between our countries," Overchuk said at an international economic forum in Kazan.

Overchuk noted that Russia and Azerbaijan cooperate productively, developing mutually beneficial trade and economic ties. The investment portfolios of both countries include a number of large investment projects worth about $6 billion in total in such fields as automobile industry, railroad rolling stock manufacturing, aircraft manufacturing, oil and gas industry, high technologies and consumer goods industry.

"Direct Russian investments in Azerbaijan's economy have grown significantly in 2022. And if we talk about cross-border wire transfers by individuals from Russia to Azerbaijan, they amount to about $1 billion a year," the deputy minister added.

Azerbaijani Deputy Prime Minister Shahin Mustafayev also expressed the hope that the turnover between Azerbaijan and Russia would increase in 2023.

"Russia is one of Azerbaijan's key trade partners. (It is Azerbaijan's) leading partner on import and the chief buyer of our oil products. Russia also ranks third in terms of (Azerbaijan's) total trade turnover. In 2022, the turnover between our countries grew by 24%. This year, the dynamic continues, and we hope to see better figures, better results," he said at the forum.

Mustafayev pointed out that Russia and Azerbaijan have a free trade agreement, which also boosts trade.

"Cooperation in the field of mutual investments has been growing dynamically as well. Russia's cumulative investment in Azerbaijan's economy is about $8 billion. And Azerbaijan has invested over $1.1 billion in the Russian economy," he said.

The economic forum is taking place in the Russian city of Kazan from May 18-19.