Azerbaijan-Russia Intergovernmental Commission on Economic Cooperation convenes in Baku

Baku, December 16, AZERTAC

The 16th meeting of the Intergovernmental Commission on Economic Cooperation between Azerbaijan and Russia has been held in Baku.

Addressing the event, Azerbaijan`s First Deputy Prime Minister, co-chair of the Intergovernmental Commission Yaqub Eyyubov hailed close relations between Azerbaijan and Russia. "Relations between the two countries have reached the level of strategic partnership." Yaqub Eyyubov praised the role of Russia in developing economic relations and ensuring security in the region.

He highlighted great potential for increasing trade between the two countries. "We have many joint projects and we must increase their number in future," he said, adding that mutual investments can be made in the spheres of machinery, shipbuilding, aircraft construction, energy, medicine and humanitarian sector.

Yaqub Eyyubov said Azerbaijan has invested 1 billion US dollars in the Russian economy, while Russia has invested 3 billion US dollars in the Azerbaijani economy.

Russian Deputy Prime Minister Dmitry Rogozin hailed strategic partnership with Azerbaijan. He noted that Russia remains one of the most important strategic partners of Azerbaijan after Turkey and Italy, accounting for 10.5 per cent in the country's overall trade.

He invited his Azerbaijani counterpart to attend the 21st St. Petersburg International Economic Forum to be held next June and Sochi International Investment Forum 2017. Yaqub Eyyubov accepted the invitation.

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