Azerbaijan's investment in Turkish economy to reach $17-20 bln
By Aynur Karimova
Azerbaijan's Economy and Industry Minister Shahin Mustafayev has revealed the government's plans to increase the volume of investments in the Turkish economy.
Speaking at a meeting with a Turkish delegation headed by Trade and Customs Minister Cenap Asci, the minister said that Azerbaijan's investments in the Turkish economy will reach $17 billion to $20 billion by 2020.
Currently, this figure exceeds $6 billion.
Mustafayev noted that the political and economic ties between Azerbaijan and Turkey have reached the strategic partnership level due to the political will of the presidents of the two countries.
The minister also stressed great opportunities for the further development of cooperation between them.
Asci, for his part, said that Turkey attaches great importance to the construction project of the Baku-Tbilisi-Kars Railway, which will contribute to deepening relations between the two countries.
Azerbaijani-Turkish relations have remained strong due to a common culture and history and the mutual intelligibility of Turkish and Azerbaijani languages.
Turkey was the first country in the world to recognize Azerbaijan's independence in 1991 and has been a staunch supporter of Azerbaijan in its efforts to preserve its territorial integrity and realize the economic potential that arises from its rich natural resources in the Caspian Sea.
Economic projects jointly implemented by Azerbaijan and Turkey, particularly in the energy sector, have made a significant contribution to the development of the strategic partnership between the two countries.
One of these major joint energy projects is TANAP, which is being developed by SOCAR in collaboration with Turkish Botas and the energy company TPAO, and will deliver gas from the Shah Deniz field to the Turkish-Greek border from eastern Turkey.
The cooperation -- not only in transportation of energy resources, but also in their exploration -- is believed to bring the fruitful partnership of the two countries to a new level.
According to the State Customs Committee, trade turnover between the two countries decreased by 15.8 percent to $954.66 million in January-August 2015. Turkey ranked fourth in total trade turnover volume with Azerbaijan, taking roughly 6.78 percent of total trade volume.
Currently, there are more than 2,600 Turkish companies in Azerbaijan, and around 1,600 Azerbaijani companies in Turkey.
Customs control procedure on BTK railway to be simplified
Later, Asci told Trend that the customs control procedures on the BTK railway will be simplified.
"We will mutually exchange information on cargo,” he said. “The customs control results of one side will be recognized by the other side. We do not plan to replace the carriages and unload the supplied goods under customs control procedure. This will significantly speed up the process of control."
Asci also touched upon passport control procedures for future passengers of the BTK railway and said that it is possible to simplify this procedure in the future.
"Initially, the passport control procedure will be carried out at border crossings,” he said. “It will be held at an accelerated rate. In the future, it is possible to conduct passport control procedures at arrival and departure points. But it is important for the relevant bodies of the two countries to agree on the mutual recognition of the passport control results."
Asci also stressed the necessity to simplify cargo transportation via the BTK as they are the main objective of the project.
"Thanks to this project we will be able to transport cargo from Asia to Europe and vice versa,” he said. “Therefore, it is important to simplify customs procedures. But we will take measures to simplify passport control procedures for passengers."
The BTK is an ambitious regional project with a peak capacity of about 17 million tons of cargo per year. At its initial stage, however, the railway will transport roughly one million passengers and 6.5 million tons of cargo, providing for the development of Azerbaijan, Georgia, Turkey and other countries.
The 105-kilometer Akhalkalaki-Marabda-Tbilisi railway branch of the Baku-Tbilisi-Kars project is being constructed, while the existing railway's Akhalkalaki-Marabda-Tbilisi section is under renovation in Georgia, which will help it to increase its capacity to 15 million tons of cargo per year.
The BTK railway, financed by Azerbaijan's state oil fund SOFAZ, is being constructed in the framework of an agreement signed by the governments of Georgia, Azerbaijan, and Turkey.
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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
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