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Nazrin Abdul

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Speaking to journalists at the 2nd Azerbaijan-Turkiye Investment Forum in Baku, Turkiye’s Minister of Trade Ömer Bolat highlighted the growing economic cooperation between the two countries, Azernews reports.

Minister Bolat noted that both Turkiye and Azerbaijan are working diligently to reach the ambitious $15 billion trade target set by the two presidents. “Trade is conducted by businessmen, industrialists, importers, and exporters. We are providing guidance and support to facilitate their efforts,” he noted.

Referring to the 12th meeting of the Joint Intergovernmental Commission, Bolat said, “The 12th term agreement was signed yesterday with the participation of all ministers, including Turkiye’s Deputy Prime Minister Cevdet Yılmaz and Azerbaijan’s Prime Minister Ali Asadov. We have received our responsibilities and will work wholeheartedly in this regard. Our relations are excellent across all fields, and we aim to further increase mutual investments.”

The minister also provided figures on bilateral investments: “Currently, 7,000 Turkish companies operate in Azerbaijan with investments totaling $18 billion. Meanwhile, 3,000 Azerbaijani companies invest $21 billion in Turkiye. We work to resolve their challenges immediately, with close cooperation between ministers, presidents, and the private sector.”

Minister Bolat highlighted the significance of the forum, noting, “I attended the first forum two years ago during my first visit to Baku, which was a very positive experience. The forum is well-attended, featuring panels with private sector representatives, investment agencies, and deputy ministers who deliver speeches, answer questions, and foster dialogue.”

On the question of whether the preferential trade agreement could evolve into a free trade agreement next year, Bolat responded: “We have a preferential trade agreement that came into force in 2021, and we signed an additional protocol in 2024. The positive effects of these agreements are already visible in our trade and economic relations. Our aspiration is to establish a free trade agreement between Turkiye and Azerbaijan. The technical teams of both governments are currently discussing, analyzing impacts, and evaluating possibilities. We hope to achieve this in due course.”

Recall that the Second Azerbaijan–Türkiye Investment Forum is being held in Baku with the joint support of Azerbaijan’s Ministry of Economy and Türkiye’s Ministry of Trade, and is co-organised by the Azerbaijan Export and Investment Promotion Agency (AZPROMO) and the Türkiye–Azerbaijan Businessmen and Industrialists Public Association (TÜİB).

The forum brings together senior officials from both countries, as well as representatives of various state and private institutions, business associations, and chambers of commerce.

The First Azerbaijan–Türkiye Investment Forum was held in December 2023.