12:56 - 21.02.2022

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February 21, Fineko/abc.az. To date, Russia has invested $6.3 bn in Azerbaijan's economy, while Azerbaijan’s investments in Russia have reached $1.2 bn.

ABC.AZ reports that Deputy Economy Minister Niyazi Safarov made the above-said statement at an event dedicated to the presentation of the export and investment potential of Udmurtia.

"$5 bn of Russia’s investments in our country were directed for the oil sector, and $1.3 bn for the non-oil sector. And Azerbaijan's investments in the neighboring country, we can say, account entirely for the non-oil sector," he emphasized.

The deputy minister added that Russia is one of Azerbaijan's largest trading partners: "In 2021, our countries’ trade turnover amounted to $3 bn, including $2.1 bn of our import from Russia and $921 million of Azerbaijan's export to this country. Last year, Azerbaijan’s trade with Russia made up 8.83% of our foreign trade turnover. In particular, the share of the neighboring country in Azerbaijan's imports made up 17.72% and in exports - 4.15%. Compared to 2020, trade with Russia grew by 12.1%, including exports to this country by 29.8% imports from it by 5.7%."