Azerbaijan discloses amount of investments in economy of Turkic-speaking states

Oil&Gas Materials 24 February 2021 19:10 (UTC +04:00)

BAKU, Azerbaijan, Feb. 24

By Fidan Babayeva - Trend:

Azerbaijan has invested $18.3 billion in the economies of member- states of the Cooperation Council of Turkic-speaking states, Azerbaijani Energy Minister Parviz Shahbazov said.

Shahbazov made the remark at the first meeting of the Energy Ministers of the Cooperation Council of Turkic-speaking states, which was attended by high-ranking representatives of Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey, Uzbekistan and Hungary, Trend reports.

“The Cooperation Council of Turkic-speaking states is being successfully developed, expanding from the humanitarian plane to the multilateral economic one, and Azerbaijan also contributes to this development,” the minister added. "The trade turnover of Azerbaijan with the member-states of the Cooperation Council of Turkic-speaking states in 2020 increased by 3.5 times compared to 2009 and reached $4.4 billion.”

“The share of member-states of the Council in Azerbaijan's foreign trade is 17.9 percent,” Shahbazov said. “These countries invested $13 billion in the Azerbaijani economy in 1995-2020. Azerbaijan has invested $18.3 billion in the economies of the member-states."

Shahbazov stressed that the Azerbaijan-Turkey relations play a key role for the model of energy cooperation in the format of the Turkic Council.

"Up till now, 79 billion cubic meters of gas from Azerbaijan has been transported to Turkey through gas pipelines,” the minister added. “At the same time, thanks to these projects, part of the energy resources of our partners from Central Asia is transported through Azerbaijan to the world markets."

"Despite Azerbaijan's chairmanship in the organization accounted for a difficult period, it was remembered for an exemplary level of solidarity and effective interaction,” Shahbazov added. “The Turkic Council rendered the biggest support to Azerbaijan during the 44-day Armenia-Azerbaijan Nagorno-Karabakh War."

“The participation of companies of the member-states of the Cooperation Council of Turkic-speaking states in the restoration of the liberated territories, as well as in the process of turning the Nagorno-Karabakh region into a "green energy" zone, will allow expanding cooperation,” the minister said.

Secretary General of the Council Baghdad Amreyev stressed that the ties in the energy sector are of strategic importance for the member-states of the Turkic Council and the promotion of effective regional and bilateral cooperation in this sphere is one of the main goals and objectives of the organization.

Speaking about economic relations between Azerbaijan and Turkey in various fields, including the energy sector, Amreyev stressed that the Southern Gas Corridor opens up opportunities for further successful cooperation.

Turkish Minister of Energy and Natural Resources Fatih Donmez, Kazakh Minister of Energy Nurlan Nogaev, Kyrgyz Deputy Minister of Energy and Industry Veronika Isaeva, Advisor to the Minister of Energy of Uzbekistan for Science and Innovation Aziz Alimakhammedov and Ambassador-at-Large for Energy and Climate of Hungary Dora Zombori also delivered speeches at the meeting.

The report of the first meeting of the Working Group on Energy, held on February 23, was considered at the ministerial meeting.

The opportunities for cooperation in the development and diversification of energy routes, strengthening of interregional ties in the production and supply of energy resources and petrochemical products, improvement of the investment climate in the oil and gas sector, development of renewable sources of energy and advanced technologies, exchange of experience in the field of energy efficiency were also discussed at the ministerial meeting.

The members of the Cooperation Council of Turkic-speaking states are Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey and Uzbekistan. Hungary is participating as an observer. The chairmanship of the Council passed from Kyrgyzstan to Azerbaijan on October 15, 2019 at the seventh summit in Baku.