Azerbaijan to become major investor in Turkey over the next 10 years

Azerbaijan will become the greatest investor in Turkey in the next 10 years, SOCAR-Turcas Executive Director and Petkim board member Kenan Yavuz said today.

"Turkey is experiencing a demand for raw materials, and Azerbaijan needs to enter world markets," the Milliyet newspaper quoted Yavuz as saying. "Turkey has the most attractive domestic market after China."

According to the company official, SOCAR-Turcas and Petkim have prepared a joint strategic plan until 2015, 2020 and 2040.

"By 2015, the joint investments of SOCAR-Turcas and Petkım wil hit $5 billion," he said. "By 2020, Petkim will be the biggest industrial producer in Turkey. In terms of production, we plan to make the top 10 in Europe by 2030."

Earlier SOCAR Foreign Investment Department head, Petkim Chairman of the Board of Directors Vagif Aliyev said SOCAR plans to increase its investments in Petkim. By 2023, SOCAR-Turcas proposes to invest about $20 billion in Petkim's development.


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