The accumulated volume of Azerbaijan’s investments in Moscow’s economy has almost quadrupled over five years, Report informs citing the press service of the complex of economic policy and property and land relations of the Moscow Government with reference to deputy mayor of Moscow for economic policy and property and land relations Vladimir Yefimov.
“Moscow and the CIS countries are traditionally linked by close trade and economic relations, Azerbaijan is one of the key partners of the capital. According to the Central Bank of Russia, the accumulated volume of investments from this country to Moscow amounted to $467 million as of October 1, 2021. Over five years investment increased by 3.8 times, for the year - from October 2020 to September 2021 - by 15.6%. Basically, Azerbaijani business invests in the chemical industry and real estate,” said Yefimov.
In general, in 2021, the trade turnover between Moscow and Azerbaijan exceeded $999 million, which is 11.8% more than in 2020. In January of this year, the indicator increased by 44.1% compared to the same period of the previous year and amounted to almost $85 million.
“The volume of Moscow’s exports to Azerbaijan in 2021 exceeded $424 million, which is 6.6% more than a year earlier. The volume of imports increased by 16% compared to 2020 and amounted to about $575 million,” said the head of the Moscow Department investment and industrial policy Vladislav Ovchinsky.
