Russian exports to Azerbaijan have increased by 12.5% in 2018, rising to $1.7 billion, while trade turnover between the countries climbed 13.8% to $2.4 billion, according to the files released by the Russian Export Center (REC).
“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 joint-venture format,” Director General of the Russian Export Center Andrey Slepnev told state-run news agency TASS.
He said that persistent efforts are made towards economic diversification and development of joint productions, with the establishment of the GAZ car assembly plant in Azerbaijan being 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 million,” 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.