Over 94% of Turkish investments in Azerbaijan falls to energy sector

Business Materials 14 January 2011 19:43 (UTC +04:00)

Azerbaijan, Baku, Jan. 14 / Trend A.Akhundov /

Turkey's direct investments in Azerbaijan reached $3.8 billion, the Ankara Chamber of Commerce reported.

"A major part of this investment, amounting to $3.6 billion made in the energy sector. Turkey has invested $ 170 million in the communications sector of Azerbaijan," Chamber Head Sinan Aygun said on Friday.

The chamber reported that Azerbaijan yields to the Netherlands on the volume of Turkish investments abroad.

"Due to the fact that Turkish businessmen are provided with large tax breaks in the Netherlands, Turkey's investments in this country reached $5.1 billion," the report reads.

The Turkish entrepreneurs also invest in Malta, Germany, USA, Luxembourg, Kazakhstan and the UK.

The total volume of Turkish investments abroad approached $ 24 billion.

"According to the Central Bank of Turkey, the total volume of Turkish investments abroad amounted to 23.6 billion in late October 2010. Prior to 2001, the figure was $3.7 billion," the report reads.

The Turkish investors are operating via 3,500 companies in 103 countries, mostly in the energy and banking sectors in the areas of information technology and communications, processing and trade.