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Tuesday May 28 2024

Azerbaijan notes increase in exports from Nakhchivan to Turkiye

15 May 2024 15:00 (UTC+04:00)
Azerbaijan notes increase in exports from Nakhchivan to Turkiye
Nazrin Abdul
Nazrin Abdul
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In Nakhchivan, 80 out of the 146 business entities created and registered jointly with Turkish businessmen are active, constituting 55 percent of the total, Azernews reports.

At the 'Azerbaijan-Turkiye Trade Relations: Export Opportunities of Nakhchivan' event held at the Nakhchivan Business Centre, Abbas Ismayilov, Deputy Minister of Economy of the Nakhchivan Autonomous Republic, acting minister, revealed that Turkish companies constitute 78 percent of foreign capital firms operating in Nakhchivan.

Ismayilov provided guests with a comprehensive overview of ongoing reforms and the favourable business and investment climate in Nakhchivan. He highlighted potential avenues for further expansion of economic and trade cooperation between Azerbaijan and Turkiye.

Statistics from the first four months of 2024 showcased Turkiye's prominence in Nakhchivan's foreign trade turnover, with a notable 28 percent increase in exports to Turkiye compared to the same period last year. Overall, Nakhchivan's total trade turnover with foreign countries amounted to $32.2 million, with Turkiye accounting for 52.7 percent of this figure.

Notable exports from Nakhchivan to Turkiye include mineral waters, waffle products, tobacco products, electricity, furniture, building materials, and travertine stone products. Conversely, Turkiye primarily exports food products, household electrical appliances, furniture, textiles, pharmaceutical products, and various machinery to Nakhchivan.

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