Azerbaijan expects economic recovery and its sustainable growth

Stavropol, Russia, Sept. 28

By Elchin Mehdiyev – Trend:

The adaptation of the Azerbaijani economy to the new economic conditions is under completion, Azerbaijani Economy Minister Shahin Mustafayev said.

Mustafayev made the remarks at the 7th Russia-Azerbaijan Interregional Forum in Russia’s Stavropol region Sept. 28.

At the forum the Azerbaijani delegation is led by Economy Minister Shahin Mustafayev. The delegation includes Azerbaijani MPs, heads of the country’s regions, representatives of business communities, non-government organizations, and expert communities.

Mustafayev added that the Azerbaijani government expects the economic recovery and its sustainable growth.

According to the IMF forecasts, the Azerbaijani economy is expected to increase by 2 percent in 2018, while it is expected to decrease by 1 percent by the end of 2017.

“This year, we celebrate the 25th anniversary of the establishment of diplomatic relations between Azerbaijan and Russia,” he added. “During this period, our relations have steadily developed. These relations were brought up to the level of strategic partnership due to the efforts and political will of the presidents of the two countries.”

Mustafayev said that the numerous mutual visits of the presidents, official delegations, business circles, as well as a broad contractual and legal base testify to the great importance attached by the presidents to the development of bilateral relations.

The minister stressed that during the period of cooperation, the sides signed over 200 different agreements.

“Trade relations are an important sphere of ​​our cooperation,” he said. “Russia is one of the main trade partners of Azerbaijan. For this reason, Azerbaijan established its first trade representative office in Russia, which testifies to the great importance that we attach to our relations with Russia.”

“Of course, free trade regime contributes to the development of bilateral trade and creates opportunities for mutually beneficial cooperation between entrepreneurs of the two countries,” the minister said.

“The mutual investments are an important sphere of cooperation,” Mustafayev said.

“Today around 700 companies with Russian capital are operating in the country,” he said. “Russia has recently invested over $3 billion in the Azerbaijani economy, while Azerbaijan has invested more than $1 billion in the Russian economy.”

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