TODAY.AZ / Business

Azerbaijan, Turkiye discuss expanding business opportunities

25 October 2022 [11:15] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijan and Turkiye have discussed expanding opportunities for cooperation between the two countries’ businessmen, Azernews reports.

The discussion occurred at a meeting between Azerbaijan’s Small and Medium Business Development Agency Board Chairman Orkhan Mammadov and Istanbul Federation of Industrialists and Entrepreneurs Associations (ISIFED) President Muammar Omaroglu.

During the visit, the parties also exchanged views on the implementation of joint initiatives of both agencies in the area of expanding cooperation.

The delegation, headed by the association president and Istanbul businessmen, who are members of this association, arrived on a visit to Azerbaijan. During the visit, the delegation also visited the Small and Medium Business Development Agency.

Azerbaijan and Turkiye collaborate in a variety of economic sectors and have completed major energy and infrastructure projects, such as Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars, and TANAP.

In 2021, Azerbaijan and Turkiye signed the Shusha Declaration on Allied Relations, which focuses on defense cooperation, promoting regional stability, and prosperity through establishing new transport routes.

The two countries set up a goal of bringing the mutual trade turnover to $15 billion in 2023. As of 2021, the trade turnover between the two countries amounted to $4.6 billion. So far, Turkiye is Azerbaijan’s second-largest investor followed by the UK.

Additionally, Turkiye was one of the first countries keen on involvement in the restoration of Azerbaijan’s liberated territories.


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