Azerbaijan invested $18.3bn in Turkic Council member states’ economy

By Azernews

By Ayya Lmahamad

Azerbaijan invested $18.3 billion in the economy of Turkic Council member states between 1995 and 2020, Azerbaijan Energy Minister Parviz Shahbazov has said.

He made this remark during the 1st Meeting of the Ministers of Energy of the Turkic Council held on February 24.

Shahbazov underlined that Turkic Council member states invested $13 billion in the Azerbaijani economy during the reported period.

Azerbaijan’s trade turnover with member states of the Cooperation Council of Turkic Speaking States increased by 3.5 times in 2020 compared to 2009 and reached $4.4 billion, the minister said. The share of the council member states in foreign trade of Azerbaijan made up 17.9 percent, he added.

Chairing the meeting, the minister also said that the expansion of political and economic relations with the Turkic-speaking states is one of the priority directions of the state policy.

He added that the Cooperation Council of Turkic Speaking States is successfully developing as an influential, multilateral format of cooperation and Azerbaijan contributes to the development of this cooperation from the humanitarian to the multifaceted economic level.

Furthermore, it was noted that despite the fact that Azerbaijan's chairmanship in the organization coincided with a difficult period, it was remembered with exemplary solidarity and fruitful mutual activity. It was noted that the Turkish Council was the organization that supported Azerbaijan the most during the 44-day Second Karabakh War.

Likewise, participation of the companies of the member countries of Turkic Council in the restoration of the liberated territories, as well as in the process of turning Karabakh into a “green energy” zone, was brought to the attention as opportunities to deepen cooperation. 

The Secretary General of the organization Baghdad Amreyev emphasized that energy cooperation is of strategic importance for the Turkic Council member states and promotion of effective regional and bilateral cooperation in this direction is one of the main goals and objectives of the organization.

Speaking about exemplary cooperation between Azerbaijan and Turkey in various fields, including energy, Amreyev noted that the Southern Gas Corridor opens opportunities for future successful cooperation.

Turkish Energy and Natural Resources Minister Fatih Dönmez, Kazakhstan Energy Minister Nurlan Nogayev, Kyrgyzstan Energy and Industry Deputy Minister Veronika Isayeva, Uzbekistan Adviser on science and innovation of the Minister of Energy Aziz Alimuhamadov and Hungarian Ambassador-at-large for energy and climate at the Ministry of Foreign Affairs and Trade Dora Zombori made a speech at the meeting. 

At the ministerial meeting, the first meeting report of the Energy Working Group, held on 23 February was reviewed.

The participants also discussed opportunities for cooperation in the field of development and diversification of energy routes, strengthening of interregional relations in the production and supply of energy resources and petrochemical products, improving the investment climate for the development of renewable energy sources and advanced technologies in the oil and gas sector and the opportunities of cooperation on the exchange of practices on energy efficiency were discussed.

At the same time, it was proposed to establish a joint training centre in the field of energy and to hold events to exchange practices.

Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey and Uzbekistan are members of the Turkic Council. Hungary is an observer state. The chairmanship of the Turkic Council passed from Kyrgyzstan to Azerbaijan at the 7th Summit of the Cooperation Council of Turkic Speaking States held in Baku on October 15, 2019.