New Pharmaceutical Plant of Russian Company Will Be Opened in Baku Soon

11 June 2019

GMP News

Russia sees a significant unrealized potential for the development of economic relations with Azerbaijan, said the participants of the business breakfast, which was held within the 23rd St. Petersburg International Economic Forum (SPIEF) in Russia, Trend reports with reference to the video materials of the forum.

As was noted during the talks, the trade between the two countries grew by almost 14 percent and reached $2.4 billion last year.

Russia invested over $4 billion in Azerbaijan; Azerbaijan, in turn, invested over $1 billionin Russia. Exports from Russia to Azerbaijan grew by 12.5 percent and reached $1.7 billion.

In his speech, Russia’s Minister of Economic Development Maxim Oreshkin said that the two countries are witnessing a twofold growth in trade, services and remittances. In his words, this indicates the relationship between business and people, he said.

If in 2018, we with my colleague, Azerbaijan’s Minister of Economy Shahin Mustafayev, discussed mainly the elimination of barriers in ordinary trade, today we are talking about complex things, - added Oreshkin.

In particular, complex projects on building added value chains, joint development of technologies, supplying goods to third-country markets, building complex logistics projects and similar initiatives are being discussed, he noted.

There are still a lot of products from countries like Turkey and China in the Russian market. These are missed opportunities for Azerbaijani business. Therefore, the task of the two ministries is to show directions on how both parties can work in order to improve supplies, - he said.

As the Russian minister noted, the 10th bilateral regional forum is scheduled to be held in the autumn in Russia.

For Azerbaijan, in addition to increasing non-oil exports, this is also a good opportunity for creating jobs in rural areas, - said Oreshkin.

In turn, Boris Titov, the Commissioner for the rights of Russian entrepreneurs, stated that a new pharmaceutical plant of the Russian company “R-Pharm” will open in Baku soon. The plant is fully ready, and the remaining work on its commissioning is underway, he added.

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