BAKU, Azerbaijan, Total volume of Russian investments in Azerbaijan’s economy amounted to $6.3 million for the beginning of 2022,Minister of Economic Development of Russia Maksim Reshetnikov said, Trend reports via Russian media outlets.

According to him, $5 million of them were invested in the oil sector.

“More than 1,000 companies in Azerbaijan work with Russian capital in the field of hydrocarbon production and transportation, chemical industry, energy, petrochemistry, pharmaceuticals, engineering and cargo transportation,” Reshetnikov stated.

He noted that the main area of joint interests and potential is transit.

“Azerbaijan is a traditional partner of Russia. Currently, new logistic opportunities are being opened in Azerbaijan. A reorientation is being carried out, however Azerbaijan itself is a growing market, with a population that increases the average per capita income. The western route of the International North-South Transport Corridor is a railway through Dagestan to Azerbaijan, further, the potentially large Rasht-Astara project with access to the Trans-Iranian road to Bandar Abbas, to the ports of the south. In addition, the Yarag-Kazmalyar border crossings on the border with Azerbaijan are being reconstructed, which is planned to be completed this year,” Reshetnikov added.

Source: TREND News Agency