Direct Russian investments in Azerbaijan amount to about $1.5 billion, Chairperson of the Federation Council of the Federal Assembly of the Russian Federation Valentina Matviyenko said at the 10th Russia-Azerbaijan Interregional Forum in Moscow, Eurasia Diary reports citing Trend News Agency.

Matviyenko noted that about 700 joint ventures of the two countries operate in the Azerbaijani market.

“Over the past years, tremendous work has been done to deepen trade and economic ties between Russia and Azerbaijan,” the chairperson added. “We already see its practical results. Mutual trade turnover last year grew by almost 14 percent and amounted to about $2.5 billion. Russia is Azerbaijan’s main trade partner in the import and export of non-oil sector goods.”

Matviyenko also emphasized intensive cooperation in the transport sector, in particular as part of the formation of the North-South corridor.

The chairperson expressed confidence that the corridor will become the most important transport artery of Eurasia and will make it possible to significantly accelerate the cargo transportation from South Asia to Europe via Russia and Azerbaijan.

Matviyenko believes that in order to further strengthen the economic ties between the two countries, it is necessary to maximize the use of mechanisms for interregional cooperation.

The 10th Russia-Azerbaijan Interregional Forum is being held Nov. 22-23 in Moscow with organizational support from Russia’s Ministry for Economic Development and Azerbaijan’s Economy Ministry.