Baku, Ankara praise progress in increasing trade
Representatives of major Azerbaijani and Turkish companies attended
a business forum in Baku on Thursday.
Azerbaijani Economic Development Minister Shahin Mustafayev, in his remarks, said Turkey played a major role in his country`s economic development, emphasizing that it was among the top investors in Azerbaijan`s economy.
The minister said Turkish businessmen invested $840 million in the fast-growing South Caucasus republic from 1995 to 2007.
Mustafayev noted that the two countries have so far signed 20 agreements on economic cooperation. The fact that bilateral trade turnover exceeded $1.1 billion during the first nine months of 2008 alone indicates the fast pace of Azeri-Turkish collaboration. Azerbaijan`s exports to neighboring country accounted for $552 million of this volume, while imports from Turkey reached $590 million.
Azerbaijan has also begun to make its own investments in the Turkish economy, Mustafayev said, citing as an example the state oil company SOCAR`s purchasing a major share in Turkey`s largest petrochemicals group, Petkim.
The SOCAR-Turcas Petrol-Injaz Projects alliance won a tender for the sale of Petkim`s controlling package of shares in 2007 after bidding $2.04 billion for the acquisition. The sale of 51 per cent of Petkim`s stock to the alliance was the largest economic project undertaken by Azerbaijani companies abroad.
Turkey`s Minister of State, Kursad Tuzmen, said while addressing the forum that mutual visits by Turkish and Azerbaijani representatives were pivotal for boosting relations between the two countries. He noted that bilateral trade turnover made up 1.6 billion in 2007, noting that the vast economic potential of Turkey and Azerbaijan would allow it to achieve even greater results in the future.
The forum was attended by some 90 Turkish entrepreneurs and 200 Azerbaijani businessmen engaged in a variety of sectors.
The forum was followed by meetings between the two countries` businessmen. The parties revealed new opportunities for cooperation in the fields of energy, transport, health, industries, construction, agriculture, tourism, food industry, and telecommunications.
Over 500 Turkish companies are currently operating in Azerbaijan. Along with citizens of Turkey, these businesses employ more than 30,000 Azerbaijani nationals.
Azerbaijani Economic Development Minister Shahin Mustafayev, in his remarks, said Turkey played a major role in his country`s economic development, emphasizing that it was among the top investors in Azerbaijan`s economy.
The minister said Turkish businessmen invested $840 million in the fast-growing South Caucasus republic from 1995 to 2007.
Mustafayev noted that the two countries have so far signed 20 agreements on economic cooperation. The fact that bilateral trade turnover exceeded $1.1 billion during the first nine months of 2008 alone indicates the fast pace of Azeri-Turkish collaboration. Azerbaijan`s exports to neighboring country accounted for $552 million of this volume, while imports from Turkey reached $590 million.
Azerbaijan has also begun to make its own investments in the Turkish economy, Mustafayev said, citing as an example the state oil company SOCAR`s purchasing a major share in Turkey`s largest petrochemicals group, Petkim.
The SOCAR-Turcas Petrol-Injaz Projects alliance won a tender for the sale of Petkim`s controlling package of shares in 2007 after bidding $2.04 billion for the acquisition. The sale of 51 per cent of Petkim`s stock to the alliance was the largest economic project undertaken by Azerbaijani companies abroad.
Turkey`s Minister of State, Kursad Tuzmen, said while addressing the forum that mutual visits by Turkish and Azerbaijani representatives were pivotal for boosting relations between the two countries. He noted that bilateral trade turnover made up 1.6 billion in 2007, noting that the vast economic potential of Turkey and Azerbaijan would allow it to achieve even greater results in the future.
The forum was attended by some 90 Turkish entrepreneurs and 200 Azerbaijani businessmen engaged in a variety of sectors.
The forum was followed by meetings between the two countries` businessmen. The parties revealed new opportunities for cooperation in the fields of energy, transport, health, industries, construction, agriculture, tourism, food industry, and telecommunications.
Over 500 Turkish companies are currently operating in Azerbaijan. Along with citizens of Turkey, these businesses employ more than 30,000 Azerbaijani nationals.
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