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Azerbaijan Gives Suggestion to Turkey on First Meeting of Re-established Commission for Economic Co-operation

Business Materials 31 January 2008 18:58 (UTC +04:00)

Azerbaijan, Baku, 31 January /corr. Trend I.Khalilova / The Government of Azerbaijan suggested Turkey to hold the first meeting of the re-established Azerbaijani-Turkish Inter-Governmental Commission on 9-11 April, a source stated at Azerbaijan's Cabinet of Ministers.

"Most probably, the meeting will take place in Istanbul because it is a big business-center. In addition, our plans include to hold business-forum," the same source stated.

Azerbaijan sent proposals on confirmation of the date and agenda of the meeting.

Currently Azerbaijan and Turkey actively co-operating not only with regards to energy sector, but also non-oil sector. As a result, currently the specific weight of the Turkish investments into the non-oil sector of Azerbaijan makes up $2.5bln. Today the Turkish business people are mainly engaged in the sphere of trade and service. However, it needs to attract them in other priority spheres like tourism, hotel business, furniture production, small and medium enterprises, a government source stated.

In addition, a good legal base has been established with Turkey and it creates favorable conditions for investments into Azerbaijan.

Up to now, TPAO invested nearly $2.2bln into the oil sector of Azerbaijan, bur this figure is planned to be increased up to $4.5bln by 2012.

The Turkish investments into Azerbaijan's economy in 2007 exceeded $17mln.

As a result of 11 months of 2007, 13.7% of the export-import operations of Azerbaijan fell on Turkey. The trade turnover made up $1.4bln.

The new composition of the Commission was approved by the Presidential decree in March 2007. From the Azerbaijani side, the Commission is being headed by the Vice Prime Minister, Abid Sharifov.

The Commission was established in 1996.

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