Azernews.Az

By Nazrin Gadimova

Trade turnover between Azerbaijan and Turkey will reach $4 billion a year in the subsequent years, Turkey's Deputy Minister of Trade and Customs Fatih Metin told journalists on September 24.

"Our goal is to bring the trade turnover between our two countries up to the level of $4 billion in the subsequent years and I am confident that this goal is achievable," he said.

According to Metin, there are all prerequisites for achieve this goal.

"The cooperation between our two brotherly countries is at an unprecedented level and develops from year to year in all areas. Moreover, our countries make up an important transit corridor between Europe and Asia, and the favorable geographical position of Turkey and Azerbaijan will contribute to achieving new successes," Metin said.

The trade turnover between Azerbaijan and Turkey amounted to $1.2 billion in the period of January-July, 2013. At the end of 2012, the figure was $2.2 billion. Turkey is the third largest trade partner of Azerbaijan after Russia and the United States.

As of the end of 2012, the number of companies with Azerbaijani capital in Turkey reached 1,100.

Mutual investments between Azerbaijan and Turkey exceed $10 billion. The amount of Azerbaijani investments in Turkey in the coming years is projected at $21 billion.

According to the estimates, Turkish companies have invested $6.5 billion in Azerbaijan's economy so far. The volume of Azerbaijani investments in Turkey stands at $4 billion, and the figure is expected to increase to $15 billion in the years to come.

Currently, there are 2,000 companies with Turkish capital operating in Azerbaijan, which constitute 36 percent of all foreign companies operating in the country.