TODAY.AZ / Business

Turkish investments in country exceed $12bn

30 October 2019 [13:15] - TODAY.AZ

By Azernews


By Leman Mammadova

Azerbaijan and Turkey enjoy close strategic ties both in politics and economy. This partnership is reflected in high figures of the overall bilateral trade turnover between the two countries.

So far, Turkish companies have invested $12.2 billion in Azerbaijan, and Azerbaijan invested $15.1 billion in the Turkish economy, Chairman of Azerbaijani Parliament Ogtay Asadov said during an event dedicated to the 96th anniversary of Turkish Republic, on October 29.

“The two countries have signed over 240 bilateral documents, while 27 documents are under consideration,” Asadov noted.

He stressed that trade and economic ties are developing between the two countries. “Over the past period, trade relations between Azerbaijan and Turkey exceeded $3.4 billion. However, following the first nine months of 2019, trade relations have already exceeded $3.3 billion.”

Asadov emphasized that major international projects have been implemented both for the region and for the whole world due to the joint efforts of Azerbaijan and Turkey. “The Baku-Tbilisi-Ceyhan oil pipeline, the Baku-Tbilisi-Erzurum and TANAP gas pipelines, the Baku-Tbilisi-Kars railway and other projects are aimed at ensuring a happy future for our peoples.”

“Star refinery put into operation in Turkey last year was a great new success for cooperation between the fraternal countries,” he added.

Asadov further said that inter-parliamentary friendship groups play a big role in strengthening ties between Azerbaijan and Turkey.

“Our fraternal states also closely cooperating in international organizations, and, as a rule, our positions coincide. In the Armenian-Azerbaijani Nagorno-Karabakh conflict, Turkey unequivocally supports the fair position of our country,” he noted.

Turkey is Azerbaijan’s partner in many strategic projects. Turkey was the first state to recognize Azerbaijan's independence in 1991 and has been a staunch supporter of Azerbaijan in its efforts to consolidate its independence, preserve its territorial integrity and realize its economic potential arising from the rich natural resources of the Caspian Sea.

Turkey and Azerbaijan both effectively use their economic and energy capabilities as well as the geopolitical position to expand bilateral and regional cooperation.

Two countries have gained good experience in the implementation of large-scale projects of international importance. All projects initiated by Azerbaijan and Turkey are implemented successfully and serve for further development and well-being of two nations.

Every year, trade and economic cooperation between Azerbaijan and Turkey diversifies and covers new areas. Both countries are interested in the maximum expansion of relations.











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