Turkish business invests over $9B in Azerbaijani economy

Business Materials 26 April 2017 17:10 (UTC +04:00)

Baku, Azerbaijan, Apr. 26

By Azad Hasanli – Trend:

Turkish entrepreneurs invested more than $9 billion in the Azerbaijani economy, said Turkey’s Ambassador to Azerbaijan Erkan Ozoral in his article published by the Biznes Həyatı (Business Life) magazine, issued on the occasion of the Day of Entrepreneurs by Azerbaijan Entrepreneurs’ Confederation (ASK).

“Meanwhile, thanks to operations of Azerbaijan’s state oil company SOCAR, investments of Azerbaijan in Turkey will reach $17-20 billion,” added the ambassador.

According to him, this progress is the result of not only intergovernmental relations between the two countries, but also efforts of the two countries’ entrepreneurs.

Ozoral noted that the deepening of economic relations between Azerbaijan and Turkey will increase the two countries’ welfare and contribute to reduce poverty.

According to Azerbaijan’s State Customs Committee, trade turnover with Turkey amounted to $552.69 million in 1Q17, some $308.7 million of which accounted for export to Turkey.

Turkey is one of major trade and economic partners of Azerbaijan. As of Apr. 1, 2017, Turkey ranked the second among Azerbaijan’s foreign trade partners.