Azernews.Az

By Aynur Jafarova

Azerbaijan's second largest city Ganja hosted the Azerbaijan-Turkey business forum on November 4.

Addressing the event , AZPROMO Vise-President Vidadi Guliyev informed the guests on successes achieved as a result of wise economic and social policy conducted by Azerbaijani President Ilham Aliyev.

He said that the Azerbaijani-Turkish relations are a good example in the world and they are successfully developing year-by-year.

Currently the Turkish companies successfully operate in various sectors of Azerbaijan's economy, as well as the Azerbaijani companies actively operate in Turkey, Guliyev said.

He went on to note that Turkey ranks first in terms of the volume of Azerbaijani investments in foreign countries.

Speaking at the event Zafer Unuvar, the Eurasia and Middle East Coordinator of the Turkish Exporters Assembly, highly appreciated Azerbaijan's role in the development of the region.

The business forum organized by the Azerbaijan Export and Investment Promotion Fund (AZPROMO) with the support of the Economy and Industry Ministry was attended by the representatives of the government agencies as well as entrepreneurs of both countries.

Turkey is the third largest trade partner of Azerbaijan after Russia and the United States.

According to the State Statistics Committee, the volume of Turkish investments in Azerbaijan's economy amounted to 186.34 million manats or 5.5 percent of the total foreign investment in January-September 2013.

Currently, there are 2,000 companies with Turkish capital operating in Azerbaijan, which makes up 36 percent of all foreign companies operating in the country. The number of companies with Azerbaijani capital in Turkey reached 1,100 by the end of 2012.

As of 2012, the trade turnover between the two countries amounted to $2.12 billion.

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.