By Mirsaid Ibrahimzade
The steady expansion of Azerbaijan’s economic influence in Turkey is reflected in the growing number of Azerbaijani companies operating there, which consequently leads to the increasing figures for exports to Turkey and the overall trade turnover.
The Union of Chambers and Commodity Exchanges of Turkey has told Trend that in January-July 2019, 109 companies with Azerbaijani capital were registered in Turkey, which is 9 more companies than in the same period last year.
The total capital of Azerbaijani companies registered in Turkey reached 15.278 million Turkish liras ($2.62 million) for the first seven months of 2019, while in the same period of 2018 the figure was 33.919 million Turkish liras ($5.81 million).
In January-July 2019, most of the Azerbaijani companies were registered in Istanbul (89 companies), with a total capital of 11.521 million Turkish liras ($1.97 million).
During this period, eight companies with Azerbaijani capital were registered in the Turkish province of Antalya. The total capital of Azerbaijani companies registered in the first seven months of this year in Antalya equaled 1.777 million liras ($0.3 million).
In January-July 2019, three mining, 12 industrial, 11 construction companies, 53 companies in the wholesale and retail trade, six tourism companies, and one financial and insurance company with Azerbaijani capital were registered in Turkey. The remaining 23 companies with Azerbaijani capital are involved in other sectors of the economy.
The Union of Chambers and Commodity Exchanges stated that the total capital of the 53 companies registered in the wholesale and retail trade during the reporting period amounted to 8.373 million liras ($1.43 million).
In general, joint energy and transport projects are the main driving force in the economic relations between Azerbaijan and Turkey. However, Turkey is interested in further cooperation with Azerbaijan, especially in the non-oil sector, and the country creates joint enterprises with Azerbaijan.
Turkey is a partner in many strategic projects of Azerbaijan. The countries effectively use their economic and energy capabilities as well as the geopolitical position to expand bilateral and regional cooperation.
The two countries have been involved in the implementation of significant world scale projects such as Baku-Tbilisi-Ceyhan oil pipeline, the Baku-Tbilisi-Erzurum gas pipeline, TANAP, the Southern Gas Corridor and the Baku-Tbilisi-Kars railway.
Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1
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