Azerbaijan and Russia’s Karachay-Cherkessia Republic have the potential to expand cooperation in the industry, agriculture, investment, tourism and other fields, Azerbaijan’s Economy Minister Shahin Mustafayev said.

Axar.az reports citing the Economy Ministry.

Mustafayev made the remarks at a meeting with Head of Karachay-Cherkessia Rashid Temrezov.

The minister noted that Azerbaijan closely cooperates with the subjects of Russia and is one of the main investors in the North Caucasus.

It was noted at the meeting that Russia is the main trade partner of Azerbaijan and there is a positive trend in the trade turnover between the two countries. Trade turnover between the two countries grew 20 percent last year. Russia ranks first in terms of imports of Azerbaijani products.

Over 700 companies with Russian capital operate in Azerbaijan. Russia has invested $4 billion in Azerbaijan’s economy, while Azerbaijan invested over $1 billion in Russia’s economy.

The minister stressed that thanks to the political will and joint efforts of the presidents of Azerbaijan and Russia, the ties between the two countries reached the level of strategic partnership.

Mustafayev informed the guests about the successful reforms and economic development activities carried out in the country under the leadership of the Azerbaijani president. The minister also noted the successful implementation of state programs on the socioeconomic development of regions and stressed the importance of economic development activities carried out within these state programs.

Concessional lending to investment projects, the creation of industrial parks, agroparks, the application of investment and export promotion mechanisms and other measures play a special role in the development of entrepreneurship in the country, he added.

It is no coincidence that in the last Doing Business 2019 report, Azerbaijan entered the list of ten reformer countries and improved its position by 32 notches, he said.