Minister: Turnover and mutual investments between Turkey and Azerbaijan rapidly growing

Minister: Turnover and mutual investments between Turkey and Azerbaijan rapidly growing

Azerbaijan, Baku, June 27 / Trend A.Taghiyeva /

Turnover and mutual investments between Azerbaijan and Turkey continue their rapid growth, Turkish Economy Minister Zafer Caglayan told Trend on Wednesday.

Following 2011, trade turnover between Azerbaijan and Turkey amounted to $ 3.5 billion, of which $ 2 billion fall to exports of Turkey, and $ 1.4 billion - import from Azerbaijan.

"Trade turnover between the countries in 1999 amounted to $ 300 million, almost 12 times less than in 2011," the Minister said.

He said that from January to April 2012 Turkey's exports to Azerbaijan increased by 38.5 per cent compared to the same period in 2011, amounting to $ 785 million. Imports from Azerbaijan for the period grew by 24 percent, compared to the same period in 2011, amounting to $ 631 million.

"This data allows to say with certainty that the trade turnover between the countries will rapidly develop in the coming years," Caglayan said.

He also noted that the economic and business forums held between the two countries laid the foundation for closer cooperation between entrepreneurs from Azerbaijan and Turkey.

"The potential of economic and trade relations between Turkey and Azerbaijan is much higher than current figures, so we, together with Azerbaijani colleagues are trying to develop these relations," Caglayan said.

The Minister said that mutual investments between Turkey and Azerbaijan, as well as trade turnover, are growing rapidly, and thus an increase in the number of sectors, in which mutual funds are invested, is observed.

Caglayan said Baku-Tbilisi-Ceyhan pipeline, which is a project to transport Azerbaijani oil through Turkey to the world market, which is also called a project of the century, became a new stage in cooperation between Turkey and Azerbaijan and has opened new opportunities for the delivery of Azerbaijani oil to world markets.

"After the start of this project, Azerbaijan's economy began to develop actively, the welfare of society has improved significantly," the Minister said.

The countries also discuss other energy and transportation projects that will contribute greatly both to the economy of Turkey and Azerbaijan and the entire region, Caglayan said.

Regarding Turkey's investments in Azerbaijan, the minister noted that to date the total investment of Turkey in Azerbaijan's economy is $ 6.5 billion. Of this amount of investment, $ 3.2 billion fall to the energy sector of Azerbaijan.

The number of Turkish companies operating in Azerbaijan amounted to 1,266 companies. These companies have created 30,000 jobs in Azerbaijan, taking first place among foreign companies in the country that have created the maximum number of jobs, he noted.

The minister also said that Turkish companies in Azerbaijan are mainly engaged in contracting activities. These companies are involved in the construction and repair of important public buildings and private buildings.

Turkish construction firms have implemented to date in Azerbaijan 291 projects worth $5.6 billion. In 2011 47 projects worth $962 million dollars were implemented.

Caglayan said Turkish companies transferred in 2011 to state budget of Azerbaijan $404 million as taxes. In general, during the period from 2000 to 2011 tax deductions of Turkish companies operating in Azerbaijan amounted to $ 2.2 billion.

Currently there are 1,049 companies with Azerbaijani investments in Turkey. Azerbaijani investments in the economy of Turkey amounted to $3 billion. Azerbaijan invested primarily invested in the energy sector and tourism.

"Azerbaijani and Turkish sides continue to cooperate to create a more suitable environment for the growth of mutual investments," Caglayan said.

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