Azerbaijan, Turkey to boost cooperation in insurance field

By Azernews

By Ayya Lmahamad

Azerbaijan’s Insurers Association and Turkey’s Insurance Union have discussed ways of strengthening ties in insurance field between the two countries during an online conference held on February 23, Day.az has reported.

The participants of the conference discussed the action plan to be implemented at the first stage within the framework of cooperation in the insurance field between the two countries.

Azerbaijan Insurers Association’s Board Chairman Azer Aliyev expressed satisfaction with the fact that mutual cooperation between Turkey and Azerbaijan is ensured in the insurance field as well.

Moreover, he emphasized that the cooperation established in the framework of the official memorandum signed in December 2020 between the two structures will be effective for the insurance market of both countries.

Turkish Insurance Union’s Chairman Atilla Benli highly appreciated this cooperation and noted the interest in ensuring dynamic relations at the next stage.

Furthermore, Azerbaijan Insurers Association’s Executive Director Elmar Mirsalayev underlined the necessity to make an action plan as soon as possible within the framework of established cooperation. In addition, he noted that in line with the signed memorandum, an exchange of personnel and experience can be successful at the first stage.

Azerbaijan and Turkey cooperate in various fields of economy. Eleven agreements were signed between the two countries within the Azerbaijan-Turkey business forum held in Ankara on February 18. The agreements envisage the development of cooperation between Azerbaijan and Turkey in economic, trade and other spheres. Moreover, Turkey was one of the first countries that expressed its interest and readiness to participate in the restoration works in Azerbaijan’s liberated territories.

Turkey was Azerbaijan's second-largest trading partner in 2020, with a trade turnover of $4.1 billion. Export from Azerbaijan to Turkey amounted to $2.5 billion, while import from Turkey amounted to $1.5 billion.