Turkey invests $6 billion in Azerbaijani economy

Azerbaijan, Baku, April 28 / Trend, A. Akhundov /

Turkey ranks first for investments in Azerbaijan’s non-oil sector, Azerbaijani Economic Development Ministry Administration Chief Samir Veliyev said in Baku today at a conference on the Azerbaijani-Turkish cooperation on the topic of ‘Socio-Economic Development in the Globalizing World”.

“Today, more than one thousand Turkish companies successfully operate in different sectors of the Azerbaijani economy,” Valiyev said. “The amount of Turkish investments in Azerbaijan has hit about $2 billion since 2002,” he added.

The potential of Turkish-Azerbaijani relations allows significant increase to the current volume of trade turnover, the head of the Main Department on Foreign Economic Relations of the Turkish State Planning Organization Metin Eker said.

“Trade turnover between the two countries in 2010 reached $2.5 billion, whereas in 2005 this figure hit $800 million,” Eker said.

He said that in general the Azerbaijani entrepreneurs’ investments in Turkey amounted to three billion dollars, and “the main spheres of the Azerbaijani businessmen in Turkey are the petrochemical complex and tourism”.

The total volume of Turkish investments in Azerbaijan’s economy hit $6 billion, Eker said.

So far, Turkish companies have signed contracts on 237 projects in Azerbaijan.

“We believe that these figures will increase. Turkey is pleased with Azerbaijan’s economic success,” Eker said.

Reports on economic models used by the Turkish State Planning Organization, on the role of the balance model in strengthening the scientific basis of socio-economic policy, management, monitoring of investment programs and the fight with poverty were presented at the conference.

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