Azerbaijan's investment in Turkish economy to reach $20B - MP

By Trend

Further expansion of the relations between Azerbaijan and Turkey at a new stage is one of the main priorities, Azerbaijani MP Vugar Bayramov told Trend on Dec. 7.

"The trade turnover between the two countries amounted to $4.4 billion in 2019," Bayramov added. "In general, there has been an upward trend in trade relations between Azerbaijan and Turkey recently."

The MP stressed that the trade turnover between the two countries increased by 33 percent in 2019 compared to 2018 and by 73 percent compared to 2017.

"So, the total trade turnover amounted to $3.4 billion in 2018, $2.7 billion in 2017," Bayramov said. "There has always been a positive balance in bilateral trade since 2017."

"It rose to a record figure of $1.2 billion in 2019," the MP said. "Azerbaijan has become one of the first countries which invested most of all in the Turkish economy recently. Azerbaijan invested more than $15 billion while Turkey has invested $12.5 billion in the Azerbaijani economy."

"Taking into account the signed agreements, Azerbaijan's investments in the Turkish economy will grow up to $20 billion soon," Bayramov said.

Bayramov considers it expedient if in accordance with the "Preferential Trade Agreement" the list of goods for which the quota and duty were reduced to zero to be expanded. The latest agreement covers 15 commodity groups.

"In general, it would be more expedient if the countries in mutual foreign trade gradually reduce quotas and duties on all goods to zero," the MP said. "It would also be expedient to create a joint special economic zone with Turkey in the territories liberated from the Armenian occupation."

"If we take into account that there will be a corridor between the main part of Azerbaijan’s territory and Nakhchivan, it can create an opportunity for bigger attraction of investments to this region," the MP said.