Azernews.Az

By Leman Mammadova

Successfully cooperating in many spheres and maintaining close ties, Azerbaijan and Turkey see growth in trade relations.

Turkey’s trade with Azerbaijan increased by $8.2 million in March 2019 and amounted to $172.2 million, Turkish Ministry of Trade told Trend.

Turkey’s exports to Azerbaijan amounted to $129.3 million in March this year, while imports from Azerbaijan reached $43 million.

Meanwhile, in the first quarter of 2019, the trade turnover between Turkey and Azerbaijan amounted to $438.5 million.

During the reporting period, Turkey’s exports to Azerbaijan amounted to $322.9 million, and Azerbaijani exports to Turkey made up $105.6 million.

It should be noted that last year the trade turnover between the two countries amounted to $3.4 billion. Azerbaijan imported goods worth almost $1.6 billion from Turkey, while exports to Turkey reached $1.8 billion.

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), and 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 accounted 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 these 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 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 such as the 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 for further development and well-being of two nations.

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

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