The sides exchanged views on ways to strengthen bilateral economic ties between the countries.

The Russia-Azerbaijan Business Dialogue was held in St. Petersburg, Russia, as part of the 27th St. Petersburg International Economic Forum (SPIEF'24).

Yusif Abdullayev, Executive Director of the Export and Investment Promotion Agency - AZPROMO, took part in the discussion on the current state of economic relations and prospects for the development of bilateral trade and investment relations between Russia and Azerbaijan. He said that the roadmap for the development of key areas of cooperation for 2024-2026, signed in January this year, is a solid basis for our countries to implement new joint projects in trade, investment, transport, industry, agriculture, food security, energy, and other areas. It was noted that the significant untapped potential of partnerships in renewable energy and tourism can expand the existing relations.

Russian Deputy Foreign Minister Mikhail Galuzin said that the elevation of the countries' relations to the level of allies has significantly broadened the current economic cooperation agenda. Russian Deputy Minister of Economic Development Dmitry Volvach noted the multi-sectoral investment partnership that has developed between Azerbaijan and Russia over the years and stressed the importance of implementing joint projects in non-traditional sectors, including renewable energy.

Speaking at the event, Igor Babushkin, Governor of the Astrakhan Region, expressed his satisfaction with the growing dynamics of indicators in the field of transport and international traffic between Russia and Azerbaijan. Orkhan Mammadov, Chairman of the Board of the Small and Medium Business Development Agency (KOBIA), provided information on the Agency's activities and spoke about measures to support small and medium-sized businesses, including the exchange of experience with Russia in this area.