Azernews.Az

By Ayya Lmahamad

Turkish companies make up the majority of applications for participation in the projects implemented in the Karabakh region, Azerbaijan’s Export and Investment Promotion Foundation Head Yusif Abdullayev said, Azernews reports.

He made the remarks during a meeting with a delegation of Turkish business people headed by Istanbul Federation of Industrialists and Entrepreneurs Associations (ISIFED) President Muammar Omaroglu.

During the meeting, Yusif Abdullayev provided information about the agency’s activities, its goals, mechanisms for the promotion of business and investments carried out in the country, as well as the promotion of the “Made in Azerbaijan” brand.

He noted that work is underway to expand the scope of the preferential trade agreement between the two countries.

Moreover, Yusif Abdullayev stated that the Azerbaijani-Turkish business forum, scheduled to take place in November this year in Baku, will promote further expansion of trade and economic relations between the two countries.

In his turn, Muammar Omaroglu noted the great potential to increase mutual trade and investment between the two countries and invited the business community to active cooperation.

The meeting focused on issues of cooperation between AZPROMO and ISIFED as well as the expansion of ties between entrepreneurs.

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.

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

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