BAKU, Azerbaijan, March 27. A total of 43 companies with Azerbaijani capital were registered in Türkiye in February 2023, the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) told TurkicWorld, Trend reports.
According to TOBB, this figure is nine companies more than in February 2022.
In the reporting month, the total capital of Azerbaijani companies registered in Türkiye also increased, amounting to 27.2 million Turkish liras ($1.4 million) compared to February last year (13.6 million Turkish liras or $710,000).
A total of 23 Azerbaijani companies were recorded in Istanbul with 21.6 million Turkish liras ($1.13 million) of overall capital. Out of the total number of registered Azerbaijani companies, 23 companies are engaged in wholesale and retail trade. The remaining companies operate in other sectors of the Turkish economy.
In 2022, a total of 350 companies with Azerbaijani capital were registered in Turkiye.
Economic relations between the two countries have been steadily developing since the restoration of Azerbaijan's independence. Türkiye has always been among the largest investors in Azerbaijan. The foreign direct investment (FDI) of Türkiye in Azerbaijan amounted to $13.3 billion from 1995 through 2021 ($10.4 billion in the oil and gas sector, $2.9 billion (1st place) in the non-oil and gas sector). Turkish companies are mainly operating in the energy, industry, telecommunications, banking and insurance, construction, transport, and health.
Azerbaijan is also one of the largest investors in Türkiye, and these investments have notably increased in recent years. Roughly 2,000 companies with Azerbaijani capital currently operate in Türkiye. Azerbaijan's direct investments in Türkiye made up $20.3 billion from 1995 through 2021 ($17.1 billion in the oil and gas sector, and $3.2 billion in the non-oil and gas sector).