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Azerbaijan and Russia’s Tatarstan view investment promotion prospects (PHOTO)

BAKU: Azerbaijan and Russia’s Tatarstan have discussed the expansion of potential to promote investments, Trend reports.

According to the Ministry of Economy of Azerbaijan, the country’s Minister of Economy Mikayil Jabbarov held a meeting with Deputy Prime Minister, Minister of Industry and Trade of Russia’s Tatarstan Oleg Korobchenko, who was visiting the country.

The parties discussed the developmental directions of the economic partnership between Azerbaijan and Tatarstan, including supporting joint activities within the framework of industrial parks, expanding the utilization of existing potential to promote investments, and strengthening trade relations.

Then the 4th meeting of the Joint Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation between Azerbaijan and Tatarstan took place.

The meeting pointed out the successful development of bilateral relations between Azerbaijan and Russia, including the multifaceted expansion of strong friendly and fraternal r
elations with Tatarstan, the important role of trade and economic cooperation in the bilateral partnership, and the parties’ great potential to increase trade turnover.

Cooperation in industrial zones and the establishment of joint production were noted as another promising direction for partnership development.

Moreover, significant prospects in the fields of arts and education, including student exchange programs, were discussed.

The meeting noted that, within the concepts of Smart City and Smart Village, extensive reconstruction efforts are underway in the liberated territories of Karabakh and Eastern Zangazur. All projects are implemented based on advanced technologies and standards, and Karabakh, Eastern Zangazur, and Nakhchivan are declared green energy zones with special attention paid to the use of alternative energy sources in these territories.

The ministry stressed that the parties discussed the priorities of bilateral cooperation and prospects for developing ties in the fields of trade, transp
ort, logistics, energy, agriculture, tourism, construction, industry, innovation, SMEs, and humanitarian activities, and companies from Tatarstan were invited to take advantage of the favorable investment climate created in Azerbaijan.

At the end of the 4th meeting of the Joint Intergovernmental Commission, the co-chairs signed the final protocol.

The ministry also noted that, as part of the visit to Azerbaijan, the Tatar delegation visited the Alat Free Economic Zone (FEZ) and got acquainted with the activities and conditions created there.

Additionally, business meetings are planned to be held at Azerbaijan’s Economic Zones Development Agency and the Export and Investment Promotion Agency (AZPROMO), as well as the Baku SME House.

To note, Russia is one of Azerbaijan’s primary trading partners. Trade and commercial links between the countries are steadily improving. Bilateral trade is increasing steadily. In 2023, trade volume between the countries reached a new high of about $4.4 billion.

Source: Tren
d News Agency