Turkish Deputy PM: Trade turnover with Azerbaijan to hit $15 billion
By Sara Israfilbayova
Over the past 14 years, Turkey's direct investments in the Azerbaijani economy amounted to $6.2 billion.
Information and communication, financial and insurance spheres, sectors of public catering, non-alcoholic beverages and tobacco products, as well as industrial and construction spheres are of the greatest interest for Turkish investors in Azerbaijan, Turkish Deputy Prime Minister Nurettin Canikli said in an exclusive interview with Trend.
"Due to the decline in oil prices on the world market, the Azerbaijani government has focused on the development of the non-oil sector and investing in this sphere. Azerbaijani President Ilham Aliyev has repeatedly noted that in the short and medium terms it is necessary to develop the non-oil sector of the country,” Canikli stressed.
Then he stressed that since 2015 Azerbaijan has started to make quick decisions for investing in such spheres as agriculture, livestock, chemical industry, textile and tourism and added that Turkish investors are ready to exchange experience with Azerbaijan in these spheres.
Further the Deputy Prime Minister noted a great potential existing for investment in financial, trade, communication and health sectors. “Turkish companies are ready to continue investing in the necessary sectors, for Azerbaijan's development," the Deputy Prime Minister added.
Currently, about 3,000 companies with Turkish capital are implementing their activities in Azerbaijan, while in Turkey there are about 2,000 companies operating with Azerbaijani capital.
Canikli went on to say that Turkey appreciates the projects that are aimed at development in the South Caucasus, thus bringing the Baku-Tbilisi-Ceyhan (BTC) pipeline, Baku-Tbilisi-Erzurum gas pipeline and the Trans-Anatolian Natural Gas Pipeline (TANAP) as an example.
With regard to trade turnover between the countries Canikli said the sides intend to bring the mutual trade volume up to $15 billion by 2023.
He stressed that the sides inked agreements on economic cooperation, on eliminating double taxation and on mutual protection of investments, which will contribute to the increase in trade turnover.
The trade turnover between Turkey and Azerbaijan increased by 11.4 percent in January to May, 2017, as compared to the same period of 2016, which, he believes, testifies to the economic potential of the two countries.
Deputy Prime Minister further mentioned the trade relations with Azerbaijan’s Nakhchivan Autonomous Republic, underlining Turkey's intention to support the export of Nakhchivani products to its territory.
Earlier, Turkish Economy Minister Nihat Zeybekci said that Turkey plans to create a free trade zone with Nakhchivan.
Turkey was the first state to recognize Azerbaijan's independence in 1991 and has been a staunch supporter of Azerbaijan in its efforts to consolidate its independence, preserve its territorial integrity and realize its economic potential arising from the rich natural resources of the Caspian Sea.
The contractual base of bilateral Turkish-Azerbaijani trade and economic relations includes more than 40 documents aimed at expanding economic cooperation between states.
The trade turnover between Azerbaijan and Turkey amounted to $1.2 billion in the first half of 2017, which is up by 1.73 times as compared to the same period of 2016, according to the State Customs Committee of Azerbaijan.
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