Azerbaijan's Minister of Economy, Mikayil Jabbarov, met with visiting Russian Minister of Economic Development, Maxim Reshetnikov, to discuss strengthening economic and trade ties.

Minister Jabbarov emphasized the importance of developing economic relations with Russia, highlighting the 260 signed agreements that provide a strong legal foundation for expanding cooperation.

He pointed to the dynamic growth in trade turnover, with Russia being Azerbaijan's largest non-oil export partner. Jabbarov noted that trade reached $4.5 billion in 2023, a 17% increase from 2022. He identified the Azerbaijan-Russia and Russia-Azerbaijan business councils as key platforms for fostering mutually beneficial collaboration between businesses.

Underscoring the country's welcoming business environment, Minister Jabbarov highlighted opportunities for Russian companies in Azerbaijan's industrial zones, including the Alat Free Economic Zone and the liberated territories. He further emphasized potential for partnership in trade, transportation, industry, tourism, environmental protection, agriculture, customs, and other sectors.

Russian Minister Reshetnikov commended the positive cooperation between the two countries across various economic sectors, including the growth in mutual trade, joint ventures, and other areas. He acknowledged the importance of regular meetings and events between delegations in strengthening relations. Reshetnikov also expressed his views on possibilities for expanding partnerships and initiatives in these fields.

The discussions covered the implementation of a roadmap for developing key areas of Azerbaijan-Russia cooperation. Trade, transportation, strengthening business ties, identifying new areas for collaboration, and other topics were also on the agenda.

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