Azernews.Az

Minister of Trade Ömer Bolat participated in the Azerbaijan-Turkiye Economic and Cultural Relations Bridge Event organized by the Turkiye-Azerbaijan Businessmen and Industrialists Association (TÜİB).

In his speech at the event, Bolat stated that he held a meeting with the TÜİB delegation at the ministry and noted that the scope of the meeting was focused on enhancing economic relations between Turkiye and Azerbaijan.

Bolat expressed that he frequently travels to Azerbaijan for various meetings and summits and mentioned that, due to the upcoming Economic Cooperation Organization Summit scheduled for next month, there will be another visit chaired by President Recep Tayyip Erdoğan.

He highlighted the frequent flights between the two countries, as well as the short distances and travel times, saying:

“Dear Azerbaijan, liberated Garabagh after 32 years of occupation. Thank Allah. They have now freed all their lands. Currently, there is a very significant investment and reconstruction activity in the region. Two summit meetings were held in Shusha and Hankendi at the end of May and the beginning of July. In the economic relations, our economies actually complement each other. We import energy resources, especially from Azerbaijan, and in industrial products and services, we provide support to Azerbaijan.”

Bolat drew attention to Azerbaijan’s strategic importance as Turkiye opens up to Central Asia and the Far East, stating:

“With the hopefully imminent opening of the Zangezur Corridor, the geographic integration of the Turkic world and the development of economic relations will become possible. This will also activate the Middle Corridor, extending from the Far East to Europe, and strengthen transit trade.”

He noted that during his tenure, the trade volume between Turkiye and Azerbaijan has increased year by year, saying:

“As of the first eight months of this year, our trade volume is performing well. Investments are particularly important. Turkiye has made the largest number of investments globally in Azerbaijan in terms of businessmen and companies. In terms of value, our largest investment is also in Azerbaijan, totaling 17 billion dollars. Azerbaijan, on the other hand, has approximately 3,000 companies in Turkiye.”

Bolat emphasized that TÜİB works tirelessly to achieve even stronger economic integration between the two countries and reminded the audience that TÜİB organized the 1st Turkiye-Azerbaijan Investment Forum in Baku in December 2023.

He underlined that this forum was one of the most significant economic gatherings in Azerbaijan’s history and added that the second forum will also be held in December.