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Baku, Ankara eye possibilities of investing in Azerbaijan's metallurgical industry

27 September 2022 17:13 (UTC+04:00)
Baku, Ankara eye possibilities of investing in Azerbaijan's metallurgical industry

By Ayya Lmahamad

Baku and Ankara have discussed chances of investments in the metallurgical industry of Azerbaijan, Azernews reports.

The discussion took place during a meeting between Azerbaijan's Small and Medium Business Development Agency (SMBDA) Board Chairman Orkhan Mammadov and Turkish Bermmak company Director General Hidir Akyurek.

During the meeting, Orkhan Mammadov briefed the participants about SMBDA's support services.

"I was pleased to meet with Hidir Akyurek, Director General of Bermmak Turkiye at SMBDA. During the meeting, the company's investment opportunities in the metallurgical industry in Azerbaijan were discussed and I informed the delegation about our support services," Orkhan Mammadov twitted.

SMBDA continues to hold meetings with local and foreign businessmen to expand ties and implement new business initiatives.

Azerbaijan and Turkiye collaborate in a variety of economic sectors and have completed major energy and infrastructure projects, such as Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars, and TANAP.

In 2021, Azerbaijan and Turkiye signed the Shusha Declaration on Allied Relations, which focuses on defense cooperation, promoting regional stability, prosperity, and establishing new transport routes.

The two countries set up a goal to bring the mutual trade turnover to $15 billion in 2023. As of 2021, the trade turnover between the two countries amounted to $4.6 billion. So far, Turkiye is Azerbaijan’s second-largest investor followed by the UK.

Additionally, Turkiye was one of the first countries that expressed its interest and readiness to participate in the restoration of Azerbaijan’s liberated territories.


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

Follow us on Twitter @AzerNewsAz

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