Minister: Turkey hopes for multibillion investments from Azerbaijan(Exclusive)

Business Materials 22 May 2018 07:03 (UTC +04:00)
Minister: Turkey hopes for multibillion investments from Azerbaijan(Exclusive)

Baku, Azerbaijan, May 22

By Azad Hasanli – Trend:

Turkey expects Azerbaijani companies to invest 23.6 billion Turkish liras into the country’s economy, Turkish Minister of Economy Nihat Zeybekci said in an exclusive interview with Trend.

"Presumably, these funds will be transferred to 42 investment promotion zones," the minister added. "From 2002 until February 2018, Azerbaijani companies invested about $6 billion in the Turkish economy. Azerbaijani investors rank 12th in investment making."

"A significant part of these investments accounted for the energy sector and oil refining," Zeybekci said.

"Moreover, the real estate sector has recently attracted Azerbaijani investors," the minister said, expressing hope that over time Azerbaijani investments in Turkey will be more diversified.

"Turkey mainly invests in such Azerbaijan’s sectors as ICT, finance and insurance, mining industry, tobacco products, food industry, including beverages and food," he said.

"Turkish investments in Azerbaijan's economy amounted to $786 million, according to the statistics upon the methodology of the Organization for Economic Cooperation and Development (OECD)," he added.

"Fraternal Azerbaijan is one of the countries that our companies have always seen as attractive in terms of investment making," Zeybekci said. "Our cultural and historical ties, growing economy, rich natural resources and geographical location are just some of the attractive aspects. I hope that our companies will continue to expand their activity in Azerbaijan and will work for the benefit of the peoples of the two countries."

"Azerbaijan offers great opportunities for making investments in ICT, finance, agriculture, food industry, energy," the minister said. "We have already made big investments in these sectors, but we do not see them sufficient and we plan to further develop cooperation in this direction."

According to the Azerbaijani State Customs Committee, trade turnover between Azerbaijan and Turkey reached $2.64 billion in 2017, of which $1.37 billion accounted for export of goods to Turkey.

The trade turnover between the two countries in 2017 increased by 14.8 percent. In January-March 2018, the Azerbaijani-Turkish trade turnover amounted to $573.1 million (an increase of 3.7 percent over the year).

(1 USD = 4.1054 TRY on April 19)