Baku, April 3 (AZERTAC). Azerbaijan`s Minister of Economy and Industry Shahin Mustafayev has today met a delegation led by Deputy Chairman of the Government of Stavropol Region of the Russian Federation Andrey Murga.

The Minister noted that cooperation between the two countries was based on the mutual respect and fruitful partnership, and praised the role of the reciprocal visits of the two countries’ presidents as important in terms of expanding these relations.

He noted that bilateral ties between Azerbaijan and Russia reached strategic cooperation.

The Minister said that the strong legal framework was established between the two countries, and more than 30 documents had been signed in the economic field.

He noted that about 570 companies with Russian capital had been operating in Azerbaijan.

According to the Minister, Azerbaijani companies also successfully operate in different regions of the Russian Federation.

Shahin Mustafayev said that Russia invested USD 628.4 million in fixed capital and USD 168.9 million in non-oil sector in last years.

Azerbaijan made investments amounted to USD 995.5 million in Russia last 10 years.

The Minister also noted that the intergovernmental commission also had been acting fruitfully and about 13 meetings had been held, which had contributed to expanding the Azerbaijan-Russia economic ties.

Minister Shahin Mustafayev also noted that Azerbaijan had been cooperating successfully with the republics of the Russian Federation.

He said the annual interregional forums held between Azerbaijan and Russia contributed to expanding the bilateral cooperation.

He said Azerbaijan signed economic-trade, science-technical and cultural agreements with 14 federal subjects of the Russian Federation, as well as with Stavropol Region.

The Minister also noted that Russia was one of the main trade partners of Azerbaijan. He said that the trade between Azerbaijan and Russia grew by 10%, as well as between Azerbaijan and Stavropol region by 60%.

He noted there were huge opportunities for expanding cooperation between Azerbaijan and Russia, as well as its subjects, adding the country was interested in expanding these ties. The Minister also gave information on Azerbaijan’s economy.

Deputy Chairman of the Government of Stavropol Region of Russian Federation Andrey Murga noted that both countries had huge potential, adding the fruitful use of those opportunities would contribute to developing cooperation between Azerbaijan and Russia.

He also hailed expansion of cooperation between Azerbaijan and Russia, as well as with its federal subjects.

They also discussed how to expand cooperation between the two countries in various fields of economy, as well as organization of business forums and exhibitions.

An agreement on cooperation and sister partnership was also signed between Naftalan City Executive Authorities of the Republic of Azerbaijan and the Administration of the City of Essentuki of the Russian Federation.