Azerbaijan plans to increase investments in Turkey up to $20B

Business Materials 26 July 2016 17:49 (UTC +04:00)
Azerbaijan plans to increase investments in Turkey up to $20 billion until 2018.
Azerbaijan plans to increase investments in Turkey up to $20B

Baku, Azerbaijan, July 26

By Anvar Mammadov – Trend:

Azerbaijan plans to increase investments in Turkey up to $20 billion until 2018, said Azerbaijan’s Economy Minister Shahin Mustafayev in his interview with Yeni Safak newspaper.

“Currently, the volume of Azerbaijani investments in Turkey totals $8 billion,” said Mustafayev.

He also noted that Turkey has invested nearly $10 billion in Azerbaijan.

Currently, more than 1,700 Azerbaijani companies operate in Turkey and the number of Turkish companies in Azerbaijan exceeds 2,700.

“These companies are operating in various spheres of economy,” said Mustafayev. “There is Turkish capital in more than 30 percent of foreign companies operating in Azerbaijan, and Turkey is in the first place on this indicator.”

Turkish companies are contractors of infrastructure projects worth $10.6 billion, he added.

The minister said that relations between the two countries are developing within strategic partnership; trade and economic cooperation is also being built on this strong basis.

Mustafayev added that the attractive environment for investments and joint business in both countries created opportunities for mutual investing.

He noted that Azerbaijan and Turkey are initiators and participants of large energy projects in the region.

“The international community welcomes joint efforts of Turkey and Azerbaijan on the implementation of the Southern Gas Corridor project, aimed at ensuring energy security of Europe,” he said.

The minister noted that construction of another largest project – Baku-Tbilisi-Kars railway – will be completed in the near future. Such important projects serve for the economic well-being of not only Azerbaijan and Turkey, but also the entire region, he added.

While the economies of other countries are going into a recession due to the last economic crisis in the world, Turkey came out of this crisis with minimal losses that once again proved the country’s strong financial stability, he said.

Mustafayev noted that economic growth allows Turkey to implement many large projects in transportation, energy and other spheres and some of these projects will be completed in the near future.

“The current situation in Turkish economy will be able to withstand the impact of recent events. The government will be able to achieve its economic goals,” added the minister. “We believe that brotherly Turkey, as in the past, will remain as an attractive country for investors.”

Turkey is one of Azerbaijan’s main trade partners. Trade turnover between the two countries amounted to $685.71 million in H1 2016 and on this indicator, Turkey ranks the 3rd in the list of Azerbaijan’s main trade partners, according to Azerbaijan’s State Customs Committee.