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Azerbaijan plans to triple export to Russia within five years — minister

April 23, 14:44 UTC+3 BAKU

Azerbaijan plans to triple exports to Russia within the next five years, the country’s Economy Minister Shahin Mustafayev said

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BAKU, April 23. /TASS/. Azerbaijan plans to triple exports to Russia within the next five years, the country’s Economy Minister Shahin Mustafayev said following the talks with his Russian counterpart Maxim Oreshkin on Monday.

"We plan to raise exports of Azerbaijani products to Russia three-fold within the next five years. This is our goal, which we discussed at the talks with the Russian side," he said, adding that Baku had informed Moscow about a five-year production plan for the Russian side to "consider it in export and import operations."

Overall, the trade and economic relationship between the two countries is successful developing, Mustafayev said. "In 2017, the trade turnover expanded by 22%, while export of Azerbaijani products soared by 42%," he said. In the first quarter of this year, the trade turnover rose by 32%, while exports of Azerbaijani production surged by 50%, "which is a perfect result and we will continue work in this direction," the minister added.

Mustafayev also mentioned huge potential and several projects being implemented in the investment field.

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