BAKU, Azerbaijan, July 27. Türkiye is one of
the main trading partners of Azerbaijan, Azerbaijan’s Economy
Minister Mikayil Jabbarov said at a meeting with Turkish Trade
Minister Omer Bolat, the press service of Azerbaijani Economy
Ministry told Trend.
According to Jabbarov, fraternal and allied ties between
Azerbaijan and Türkiye foster economic cooperation development and
accelerated implementation of joint projects.
“The agreement on preferential trade between the countries and
the Protocol on amendments to this document give an additional
impetus to the strengthening of trade and economic cooperation,”
Jabbarov said. “The fraternal states carry out successful
investment cooperation, trade turnover in the non-oil sector is
growing. Large-scale projects implemented with the participation of
Azerbaijan and Türkiye contribute to the diversification of
regional cooperation and change the situation in the region.”
Bolat emphasized friendly and fraternal relations, as well as
strategic partnership between the countries with common values,
raised the issue of strengthening the dialogue between business
circles and stressed the importance of unleashing the full economic
potential.
The parties also discussed initiatives to expand economic
partnership and opportunities of cooperation in the fields of
transport and tourism, as well as standardization systems and
technical regulations.
Besides, during meeting with the Head of the Turkish
Presidency’s Finance Office Goksel Asan, Jabbarov discussed the
significance of the Azerbaijani-Turkish union for economic
partnership, promoting mutual investments and business cooperation
opportunities.
The minister also pointed out the successful development of
trade and economic cooperation, as well as the global and regional
projects implemented with the participation of both countries.
Cooperation in the fields of economy, trade, finance, insurance,
transport and energy contribute to the diversification of the
economies of Azerbaijan and Türkiye.
The parties stressed that joint activities and close cooperation
of business circles will contribute to the further deepening of
relations and increase in trade turnover and investment.
As of December 2022, Azerbaijan invested about $20 billion in
the Turkish economy, and Türkiye – about $14 billion in the
Azerbaijani economy.
In the first half of 2023, trade turnover between the countries
amounted to $3.9 billion (a year-on-year increase of 34.82
percent).
