Azerbaijan, Kyrgyzstan should expand investments: minister (PHOTO) (UPDATE)

Business Materials 21 December 2016 17:12 (UTC +04:00)
Azerbaijan and Kyrgyzstan should develop and expand mutual investments

Details added (first version posted at 12:58)

Baku, Azerbaijan, Dec. 21

By Anvar Mammadov – Trend:

Azerbaijan and Kyrgyzstan should develop and expand mutual investments, Azerbaijan’s Economy Minister Shahin Mustafayev said.

He made the remarks in Baku Dec. 21 during the 6th meeting of economy ministers of the Cooperation Council of Turkic Speaking States.

Mustafayev said Azerbaijan has well-developed mutual investments with Turkey and Kazakhstan, and these ties should be developed with Kyrgyzstan as well.

“Azerbaijan has invested $8 billion in the Turkish economy, $6.7 billion of which accounted for such projects as the Petkim Petrochemical Complex, the Star Oil Refinery and the Trans-Anatolian Natural Gas Pipeline (TANAP), and the remaining $1.3 billion were allocated to other spheres,” the minister said. “I would like to note that we plan to bring the total volume of Azerbaijani investments to Turkey to $18-20 billion by 2020.”

Turkey has invested $10 billion in Azerbaijan’s economy, $2.6 billion of it going to Azerbaijan’s non-oil sector, Mustafayev said.

“Turkey ranks first in terms of investments in Azerbaijan’s non-oil economy,” the minister added.

Mustafayev said investment cooperation between Azerbaijan and Kazakhstan is also on a good level.

“Azerbaijan’s investments into the economy of Kazakhstan amount to $190 million,” the minister said. “Creation of a logistics center in the ‘Seaport Aktau’ special economic zone is one of the important investment projects between our countries. The cost of this project is $15 million.”

“The plant Aktau Energomash worth $50 million can be mentioned among the major projects implemented with help of Azerbaijani investments,” he noted. “In turn, Kazakhstan has invested $67 million in Azerbaijan’s economy.”

The Cooperation Council of Turkic Speaking States (Turkic Council) was established in 2009 as an international intergovernmental organization, with the overarching aim of promoting comprehensive cooperation among Turkic speaking states.

Its four founding member states are Azerbaijan, Kazakhstan, Kyrgyzstan and Turkey.