The amount of Turkish investments in the Azerbaijani economy comprises $4.5bn at present, including $2,2bn put in non-oil sector. Today there are over 400 enterprises with the Turkish capital in Azerbaijan, 115 of which were registered last year, Trend reports quoting Alakbar Mammadov, the head of Confederation of Employers.
Investments in the trade sector which amounted to $440m provided for opening of 16,000 jobs. In general, 30,000 jobs have been established in the non-oil sector with the participation of the Turkish capital.
At present tourism and hotel business becomes the leading in Azerbaijan and therefore, the Turkish businessmen should not get restricted with the direction that they are developing now. Besides, there is a favorable legal base, which provides favorable terms for investing in Azerbaijan, Mammadov underlined. Azerbaijan and Turkey have a protocol on cooperation. There is also an agreement on avoiding dual taxation and an agreement on mutual protection of investments.
Zaur Gasimov, an official of the Department for Entrepreneurship Development of the Ministry of Economic Development, said that at present the law on Investment activities, designed jointly with the World Bank is under the consideration of the parliament. Moreover, Turkeys experience assumes special interest in condition of ingoing establishment of free economic zones and industrial cities in the country.