Azernews.Az

The regular Azerbaijan-Georgia-Turkey business forum will be held in Azerbaijan's Gabala city on May 21 with participation of ministers and business circles of these countries.

The Economic Development Ministry reported that the trilateral business forum organized for the third time, will discuss the prospects of expanding economic cooperation and relations among the parties. Previous meetings were held in Tbilisi and Kars.

The event will present the economies of the three countries, their business and investment opportunities and hold bilateral meetings between the entrepreneurs.

According to the 2012 results, trade turnover between Azerbaijan and Turkey amounted to $2.12 billion. Turkey ranked first among foreign trade partners of Azerbaijan for the volume of imports ($1.520 billion) with a weight of 15.75 percent of Azerbaijani imports.

Mutual investments between Azerbaijan and Turkey amount to more than $10 billion. SOCAR (State Oil Company of Azerbaijan) is involved in a number of major investment projects in Turkey, including the construction of the TANAP pipeline, Star refinery and others.

The volume of Azerbaijan's investments in Turkey in the coming years is estimated at $21 billion. The number of companies with the Azerbaijani capital in Turkey reached 1,100 by late 2012.

Azerbaijan and Georgia broadly cooperate in regional energy development, transport, economic and other important areas.

Export-import operations between Azerbaijan and Georgia amounted to $700.66 million last year. Azerbaijan has long been the second biggest trade partner of Georgia. According to the Georgian statistics body, 12.2 percent of Georgia's foreign trade accounts for Azerbaijan. The two South Caucasus countries have so far signed 90 bilateral agreements, with 50 of them associated with economic relations.