Azernews.Az

BAKU – Azerbaijan offered Turkish businessmen to boost investments in its economy, particularly in agriculture, information technologies, tourism, services, as well as in the transport sector.

Azerbaijani Economic Development Minister Shahin Mustafayev told a recent Azerbaijani-Turkish business forum in Baku that legal framework has been created to further business cooperation between the two countries. He pointed to the 23 agreements on broadening economic cooperation signed between Azerbaijan and Turkey so far.

Mustafayev said the Azerbaijani economy was developing dynamically despite the world financial crisis and stressed the existing macroeconomic stability and favorable conditions for investors in the country.

"So far, up to $80 billion has been invested in the Azerbaijani economy, of which foreign investments made up half.

"During the first half of this year, the total amount of investments in Azerbaijan reached $3.8bn, with foreign investments accounting for $800 million."

Mustafayev said 75 percent of the South Caucasus region’s economic potential is based on Azerbaijan’s economy.

Turkish interest
Turkish State Minister for Foreign Trade Zafer Chaglayan said during a recent visit to Baku that his country was keen on boosting trade with Azerbaijan to increase the commodities turnover to at least $5bn a year.

Chaglayan said Turkey was not content with the current trade turnover between the two countries, which makes up only $2bn.

Turkish-Azerbaijani trade turnover made up over $310.9 million in January-May, 8.2 percent below the same period of 2009.

The Turkish minister said that in order to fully capitalize on the existing trade potential, red tape obstacles in imports and exports are to be eliminated, visa regulations simplified and a common customs network created between Azerbaijan, Turkey and Georgia.