The Association of Businessmen of Azerbaijan in Turkey signed a memorandum of understanding for cooperation with the Azerbaijan-Turkish Businessmen Association, the department of Foreign Economic Relations of Turkey, National Confederation of Entrepreneurs (Employers) of Azerbaijan and the Azerbaijan Export and Investment Promotion Foundation (AZPROMO), the Azerbaijani Economic Development Ministry told Trend on Friday.
Yesterday, it was announced that the Association of Businessmen of Azerbaijan in Turkey, registered with headquarters in Istanbul in December last year, began its work.
According to Azerbaijani Economic Development Minister Shahin Mustafayev, who addressed the launch event, the rapid development of Azerbaijan's economy has created good conditions for the growth of the country's financial opportunities and making investments in foreign countries.
"Today, Azerbaijan which turned into an investment exporting country, has made major investments in Turkey, Georgia, Kazakhstan, Russian Federation, Ukraine, the Balkans and other countries," Mustafayev said.
He said 1106 companies with Turkish capital operate in Azerbaijan, while 1100 Azerbaijani companies operate in Turkey.
"Investments of Turkey in Azerbaijan amount to about $1.9 billion, while those of Azerbaijani companies in Turkey stand at about $4.5 billion. By 2018, only investments of the State Oil Company of Azerbaijan (SOCAR) in Turkey will amount to $17 billion," Mustafayev said.
The purpose of establishing this organisation - Association of Azerbaijani Businessmen working in Turkey, is a more efficient method of addressing business related issues, enhancing the partnership of the Association members, creating new business relationships and exchange of information. In April 2011 Turkey hosted the founding meeting of the Azerbaijani Association of Businessmen. The initiative group of the Association includes the Heydar Aliyev Foundation's Office in Turkey, CJSC Azerbaijan Airlines (AZAL), SOCAR, Palmali Group Of Companies, Hazar Turizm Company and Farco Group.
In general, the organisation brings together 16 bodies and companies. During the founding meeting, head of SOCAR office in Turkey, Seymur Agayev was elected chairman of the Association.