Azerbaijan invests $ 14.5B in Turkish economy

By Azernews

By Abdul Kerimkhanov

An international symposium on "New horizons in economic cooperation between Turkey and Azerbaijan" was held in Baku on October 24.

The symposium was organized by the Turkish Economic Research Foundation and the Azerbaijan Confederation of Entrepreneurs.

The symposium also featured B2B meetings with the participation of Turkish companies.

Minister of Economy Shahin Mustafayev, Turkish Ambassador to Azerbaijan Erkan Ozaral, as well as MPs and businessmen from both countries attended the symposium.

Addressing the event, Azerbiajani Deputy Minister of Economy Niyazi Safarov informed that Azerbaijan’s total investment in the Turkish economy is estimated at $ 14.5 billion.

He noted that most of the investment went to the oil and gas and refining sector.

"Every year, trade and economic cooperation between Azerbaijan and Turkey diversifies and covers new areas. Bilateral investments in this regard are an important indicator. Azerbaijani investments in Turkey are estimated at $14.5 billion, about $13 billion of which falls on the oil and gas sector, which includes projects such as TANAP and Petkim. In turn, Turkey has invested $11.8 billion in Azerbaijan, of which $9.1 billion account for the oil sector. Turkey has invested $2.7 billion in the non-oil sector of the Azerbaijani economy, being the leading investor in this sector," Safarov said.

The deputy minister went on to say that these indicators are the result of vigorous activity and serious work, adding that there is great potential in this regard.

"Turkey is a partner in all strategic projects of Azerbaijan and this is a very important fact. We are interested in the maximum expansion of relations with Turkey. There is great potential in various areas, in particular, in industry. There are 3,400 companies with Turkish capital in Azerbaijan, and 2,400 Azerbaijani companies in Turkey," he concluded.

Turkey and Azerbaijan are active participants in the process of regional cooperation. Both countries effectively use their economic and energy capabilities, as well as the geopolitical position to expand bilateral and regional cooperation.

Also, two countries have gained good experience in the implementation of large-scale projects of international importance, which are well known in the region and the world. These are Baku-Tbilisi-Ceyhan oil pipeline, the Baku-Tbilisi-Erzurum gas pipeline, TANAP, the Southern Gas Corridor and the Baku-Tbilisi-Kars railway.

All projects initiated by Azerbaijan and Turkey are implemented successfully and serve further development and well-being of two nations.