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What spheres in Turkey Azerbaijani businessmen invest in?

29 March 2019 13:13 (UTC+04:00)
What spheres in Turkey Azerbaijani businessmen invest in?

By Leman Mammadova

Azerbaijani business is expanding in Turkey due to the favorable conditions created for foreign businessmen.

In February 2019, the greatest number of the companies with Azerbaijani capital in Turkey were registered in wholesale and retail sale (19 companies), as well as in the construction sector (7 companies), the Turkish Union of Chambers and Commodity Exchanges (TOBB) told Trend.

"In February, 42 companies with Azerbaijani capital were registered in Turkey, which is 14 more compared to the same month in 2018," the report said.

The total capital of Azerbaijani companies registered in February 2019 in Turkey amounted to 7.426 million Turkish liras ($1.32 million), while in February 2018 this figure amounted to 6.167 million Turkish liras ($1.10 million).

The TOBB noted that in February 2019, the greatest number of companies with Azerbaijani capital was registered in Istanbul (35 companies).

In February 2019, 6,670 companies were registered in Turkey as a whole, which is 5.64 percent less compared to the same month in 2018.

"The total capital of companies registered in Turkey in February amounted to 4.946 billion liras ($0.88 billion)," the report said.

Last year, Azerbaijan’s investments in Turkey totaled $516 million. During the year, the biggest volume of investments from Azerbaijan to Turkey was made in November ($178 million), the smallest - in December ($13 million). Azerbaijan accounts for almost 8 percent of all investments in Turkey.

At the same time, Azerbaijan’s direct investments in Turkey account for $489 million.

Every year, trade and economic cooperation between Azerbaijan and Turkey diversifies and covers new areas. Both countries are interested in the maximum expansion of relations. In this terms bilateral investments are an important indicator.

Azerbaijani investments in Turkey are estimated at $14.5 billion, about $13 billion of which falls on the oil and gas sector. In turn, Turkey has invested $11.8 billion in Azerbaijan, of which $9.1 billion account for the oil sector. Turkey has invested $2.7 billion in the non-oil sector of the Azerbaijani economy, being the leading investor in this sector.

Turkey and Azerbaijan, both effectively use their economic and energy capabilities, as well as the geopolitical position to expand bilateral and regional cooperation.

Turkey is a partner in many strategic projects of Azerbaijan. 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.

Two countries have gained good experience in the implementation of large-scale projects of international importance, which are well known in the region and the world. These are Baku-Tbilisi-Ceyhan oil pipeline, the Baku-Tbilisi-Erzurum gas pipeline, TANAP, the Southern Gas Corridor and the Baku-Tbilisi-Kars railway.

All projects initiated by Azerbaijan and Turkey are implemented successfully and serve further development and well-being of two nations.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

Follow us on Twitter @AzerNewsAz

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