Azerbaijan is keen to expand its collaboration with Russia in the field of tourism, according to Deputy Minister of Economy Sahib Alakbarov, who spoke at the Caucasus Investment Forum (CIF) in Grozny.
"Regarding relations between Russia and Azerbaijan, the main focus is on mutual investments. We intend to continue investing in tourism development, as it's a crucial sector with significant growth potential. Our indicators are improving annually," he told TASS.
Discussing transportation corridors, Alakbarov noted that a road from Russia to the Iranian border has been completed, and work on the Zangezur corridor is progressing. "We've reached an agreement with Iran to build a bridge over the Arax River, creating a parallel branch through Iranian territory. The Zangezur corridor is expected to be operational within three years, possibly sooner," Alakbarov explained.
Earlier, during a meeting with Azerbaijani President Ilham Aliyev in Kazakhstan, Russian President Vladimir Putin reported that bilateral trade had reached $4 billion, with Russian investments in Azerbaijan's economy totaling $6 billion.
About the Caucasus Investment Forum
The Caucasus Investment Forum (CIF) is being held in Grozny. The 2023 event attracted over 3,000 participants and saw agreements worth more than 150 billion rubles signed. The CIF aims to realize the investment potential of the North Caucasus Federal District and enhance its socio-economic development. The forum is organized by the Roscongress Foundation with support from the Russian Ministry of Economic Development.
GSV "Russia - Islamic World"
Photo: Federation Council
Based on TASS materials