TODAY.AZ / Business

Economic ties with Turkey show upward trend

09 June 2021 [18:25] - TODAY.AZ

By Azernews

By Ayya Lmahamad

The number of Turkish companies operating in Azerbaijan is growing, with successful investment cooperation established between the two countries, Economy Minister Mikayil Jabbarov has said.

Meeting the Turkish Ambassador Cahit Bagci on June 8, Jabbarov reminded that Turkey is among Azerbaijan’s main trading partners.

The minister emphasized that the preferential trade agreement signed between the governments of both countries will give additional impetus to the expansion of bilateral trade relations, adding that Azerbaijan and Turkey have great potential to strengthen partnership in transport-transit, energy, digital economy, small and medium-sized businesses, tourism, humanitarian sphere, among others.

During the meeting, the sides also discussed the possibility of Turkish companies’ participation in the restoration of Azerbaijan’s liberated territories.

Underlining the friendly and fraternal relations between the two countries, the ambassador noted that he will strive to further strengthen economic ties between Azerbaijan and Turkey during the period of his diplomatic activity.

The parties exchanged views on the development of cooperation and other issues of mutual interest.

Azerbaijan and Turkey cooperate in various fields of economy. Eleven agreements were signed between the two countries within the Azerbaijani-Turkish business forum held in Ankara on February 18. The agreements envisage the development of Azerbaijani-Turkish cooperation in the economic, trade, and other spheres. Moreover, Turkey was one of the first countries that expressed its interest and readiness to participate in the restoration of Azerbaijan’s liberated territories. Additionally, earlier this month Azerbaijan and Turkey have signed a memorandum of understanding in the areas of strengthening international legal cooperation.

In the first four months of the year, the trade turnover between Azerbaijan and Turkey amounted to $1.5 billion. Of the total turnover, export amounted to $1 billion, while import was $537.5 million. The trade turnover between the two countries amounted to $4.1 billion in 2020.


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