Azernews.Az

Turkey intends to increase commodities trade turnover with Azerbaijan, Secretary General of the Turkish Presidential Administration told Trend news agency.

Currently the commodity turnover between Azerbaijan and Turkey amounts to $5 billion and it is expected to reach $10 billion in the near future, he said.

Isen also stressed that Turkey invests more in Azerbaijan's economy.

There are no barriers for the development of relations in the economic sphere between Azerbaijan and Turkey, he said.

Isen said that Azerbaijan in turn is also important investors in Turkey, as the volume of Azerbaijani investments in the country hits $4 billion.

"Azerbaijan and Turkey have many strategic, economic and energy projects, and the two countries will implement these projects in the future," he said.

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.