Turkey biggest investor in Azerbaijan's non-oil sector

By Azernews

By Ayya Lmahamad

Azerbaijan's Economy Minister Mikayil Jabbarov and Turkey's Trade Minister Mehmet Mush have said that Turkey is the biggest investor in Azerbaijan's non-oil sector, during the meeting held on December 15.

Stressing that there is successful investment cooperation between the brotherly countries, the parties noted that Turkey ranks first in terms of Azerbaijan's investments in foreign countries.

During the meeting, Jabbarov emphasized that work is underway to expand the scope of the preferential trade agreement between the two countries, which will create additional incentives to strengthen bilateral economic and trade relations. He noted that Turkey is one of the main trade partners of Azerbaijan.

At the same time, the parties underlined that Turkish companies are actively carrying out construction work on Azerbaijan's liberated territories.

The role of the Azerbaijan-Georgia-Turkey Business Forum in the development of regional cooperation and establishment of new business relations, as well as the potential for strengthening partnerships in various fields, were noted at the meeting.

In turn, the Turkish minister stressed friendly and fraternal relations and strategic alliance between the two countries and expressed his views on further strengthening of bilateral cooperation.

Additionally, the sides discussed expansion of trade and economic partnership, as well as other issues of mutual interest.

Azerbaijan and Turkey cooperate in various fields of economy and have jointly completed giant energy and infrastructure projects such as Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars, and TANAP.

On June 15, Azerbaijan and Turkey signed the Shusha Declaration on Allied Relations, which focuses on defence cooperation, promoting regional stability and prosperity, and establishing new transportation routes.

In the first ten months of 2021, the trade turnover between Azerbaijan and Turkey amounted to $3.4 billion. The trade turnover between the two countries amounted to $4.1 billion in 2020.

The two countries set up a goal to bring the mutual trade turnover to $15 billion in 2023. It should be noted that so far, Turkey is Azerbaijan’s second-largest investor followed by the UK.

Additionally, Turkey was one of the first countries that expressed its interest and readiness to participate in the restoration of Azerbaijan’s liberated territories.