Over one third of foreign companies represent Turkey in Azerbaijan

Business Materials 21 November 2013 17:43 (UTC +04:00)

Baku, Azerbaijan, Nov. 21
By Abbas Akhundov - Trend:

Currently, over 4,000 Turkish companies operate in Azerbaijan, Azerbaijani Ministry of Economy and Industry told Trend on Nov.21. These companies operate in construction, services, trade, banking, insurance, agriculture, communications, industry and transport.

"It is noteworthy that some 36.4 percent of foreign companies operating in Azerbaijan are Turkish. Turkey is leading in this area. The number of Turkish companies has more than doubled compared to early 2012, and increased by 14 percent compared to late 2012.

There are also Turkish companies among the contractor and subcontractors involved in state funded projects in Azerbaijan. The total cost of such projects is $5 billion.

Azerbaijani companies are also active in Turkey. Their number exceeds 1,100. These companies operate in the sectors of construction, industry, services, tourism, trade, real estate, energy and transport," the ministry said.

In addition, most meetings of Azerbaijani companies were with their Turkish colleagues.

"To date, nearly 300 joint events have been held with participation of businessmen from the two countries. Around seven such events were held during the last year," the ministry said.

President of Azerbaijan Ilham Aliyev paid a visit to Turkey on Nov.12-13. This was the first official foreign visit of the president after his re-election.