Russian companies are interested in strengthening cooperation with Azerbaijan in the industrial sector, particularly, in the field of agricultural engineering, Azernews portal reports. Russian Rostselmash combine plant plans to launch assembly production in Azerbaijan in 2020, the company’s CEO Valery Maltsev told local media.
“So far, we have signed an agreement of intent. We are currently negotiating with one of the partners in Azerbaijan. The market there ranged from 150 to 300 combines a year. We plan to launch a machine assembly project in 2020 and assemble 40 to 50 combines in 2020, and then we’ll take it from there,” Maltsev said.
Rostselmash and Azermash signed an agreement of intent at the Russian-Azerbaijani forum held in Moscow on November 22-23. The agreement provides for the establishment of a joint assembly plant in Azerbaijan. Over the past 10 years, Rostselmash has delivered about 400 grain harvesting machines to the country.
The Rostselmash combine plant, along with 12 other enterprises, is part of the largest Russian manufacturer of agricultural machinery and equipment that produces equipment under the Rostselmash and Versatile brands. The product line of the group includes more than 150 models and modifications of 24 types of equipment, including grain and forage harvesters, tractors, sprayers, fodder and grain processing equipment.
In February 2019, Azerbaijan’s Sumgait Technology Park also signed an agreement on cooperation and organization of relations with Rostselmash. Azerbaijan is one of the main economic partners of Russia among the CIS countries and Russia remains one of Azerbaijan’s main foreign trade partners. Interregional cooperation plays an important role in the development of Russian-Azerbaijani trade and economic relations and the increase in trade turnover. Russia ranks first in terms of import of non-oil products from Azerbaijan.
The value of investments by Russian companies in Azerbaijan amounted to $4.4 bln, and the value of Azerbaijani investments in Russia stood at $1.2 bln. About 760 companies with Russian capital operate in Azerbaijan.