...

Azeri, Turkish expert working groups design an agenda of intergov'l meeting

Business Materials 26 July 2006 14:24 (UTC +04:00)

The third meeting of the Azerbaijani-Turkish intergovernmental commission on economic cooperation will be held in Baku on 27 July, the Cabinet of Ministers told Trend. On 26 July the expert working groups of Azerbaijan and Turkey to develop the agenda of the gathering. Abid Sharifov, the Azerbaijani Deputy Premier, leads the intergovernmental commission.

The gathering will focus on the development of trade-economic relationships, cooperation in the energy, transport sectors, and establishment of joint ventures.

Active cooperation between Azerbaijan and Turkey is carried out in the energy sector, but also in the non-oil sector. As a result, special weight of Turkish investments in the non-oil sector is very high and comprises some $2.2bn. So far, the Turkish businessmen are mainly involved in sphere of service and trade. However, it is necessary to attract them to other priority sector for Azerbaijan, including tourism, hotel business, furniture production and participation in the small and medium-scale enterprises, the government added.

Moreover, there is good legal basis with Turkey, which offers favorable terms for investing in Azerbaijan. There is a protocol on cooperation between Azerbaijan and Turkey, an agreement on avoiding dual taxation, agreement on mutual protection of investments. Investments in the oil sector of Azerbaijan by TPAO have amounted to $2.2bn, while by 2012 it is planned to increase it to $4.5bn.

In 2004 the goods turnover between the countries amounted to $407.5, while in 2005 it attained $600m, showing a 44.5% rise. The countries are aimed at increasing the volume of goods turnover to $1bn in 2007.

Latest

Latest