GROZNY, July 15. /TASS/. The transition to mutual settlements in national currencies will contribute to the growth of trade turnover between Azerbaijan and Russia, Deputy Minister of Economy of Azerbaijan Sahib Alekperov said.

"According to statistics, in 2023 the trade turnover between Azerbaijan and Russia amounted to $4.4 bln. In comparison with 2022, it increased by 17.5%. In January - May this year it amounted to $1.7 bln. The transition to mutual settlements in national currencies will contribute to the growth of trade turnover," he said.

The deputy minister clarified that as for Azerbaijani exports to Russia, mutual settlements in national currencies already make up 70%, and as for Russian exports to Azerbaijan - around 50%.

Alekperov also emphasized that investment cooperation occupies a special place in the development of foreign economic relations and bilateral cooperation between the two countries. According to him, direct investments from Russia to Azerbaijan has so far amounted to over $9 bln and from Azerbaijan to Russia - $1.2 bln.