Deputy minister: Azerbaijan's investments in Turkish economy estimated at $14.5B
Baku, Azerbaijan, Oct. 24
By Ilkin Shafiyev - Trend:
Azerbaijan’s total investment in the Turkish economy is estimated at $14.5 billion, the Deputy Economy Minister of Azerbaijan Niyazi Safarov said at the "New Horizons in Economic Cooperation between Turkey and Azerbaijan" event on Oct. 24.
The deputy minister noted that most of the investment account for the oil and gas sector.
"Every year, trade and economic cooperation between Azerbaijan and Turkey diversifies and covers new areas. Bilateral investments in this regard are an important indicator. Azerbaijani investments in Turkey are estimated at $14.5 billion, about $13 billion of which falls on the oil and gas sector, which includes projects such as TANAP and Petkim. In turn, Turkey has invested $11.8 billion in Azerbaijan, of which $9.1 billion account for the oil sector. Turkey has invested $2.7 billion in the non-oil sector of the Azerbaijani economy, being the leading investor in this sector," Safarov said.
The deputy minister noted that these indicators are the result of vigorous activity and serious work. There is great potential in this regard, he said.
"Turkey is a partner in all strategic projects of Azerbaijan and this is a very important fact. We are interested in the maximum expansion of relations with Turkey. There is great potential in various areas, in particular, in industry. There are 3,400 companies with Turkish capital in Azerbaijan, and 2,400 Azerbaijani companies in Turkey," Safarov said.
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