Azernews.Az

By Ayya Lmahamad

Azerbaijan and Turkey have discussed the potential for further expansion of trade and economic relations between two countries, Agency for Small and Medium-sized Business Development has reported.

The discussion took place during an online forum on “One product, two markets: Azerbaijan-Turkish mutual cooperation and trade opportunities” held on February 16 at the initiative of Azerbaijani and Turkish Agencies for Small and Medium-sized Business Development.

Noting Azerbaijani-Turkish friendship and brotherhood, Chairman of Azerbaijan’s Agency Orkhan Mammadov underlined the great potential for further expansion of trade and economic relations. He added that the purpose of the forum is to discuss the realization of these opportunities and expansion of cooperation.

Mammadov emphasized the great opportunities for co-production, mutual sales and cooperation between SMBs of both countries.

It was noted that the geographical location of both countries and their advantages in different markets can make this cooperation effective for exports to third markets.

In turn, head of Turkish Agency for Small and Medium-sized Business Development informed the participants on trade relations and export potential in Turkey, noting the support and cooperation opportunities offered to SMBs in this area.

Likewise, president of Azerbaijan’s National Confederation of Entrepreneurs Mammad Musayev and acting president of Azerbaijan Export and Investment Promotion Foundation Yusif Abdullayev briefed the participants on the activities of their organizations and made proposals for future cooperation.

During the forum, participants discussed opportunities for expanding trade relations between two countries, logistics, customs and technical regulations, cooperation opportunities for small and medium-sized businesses, investment opportunities in Azerbaijan and investment potential of liberated territories.

It should be noted that Turkey was one of the first countries who expressed their interest in participating in restoration works in Azerbaijan’s liberated territories.

Turkey was Azerbaijan's second largest trading partner in 2020, with a trade turnover of $4.1 billion. Export from Azerbaijan to Turkey amounted to $2.5 billion, while import from Turkey amounted to $1.5 billion.

---

Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz