Azerbaijani investments to Turkey near $8B

11.11.2016 16:01

Azerbaijan has so far invested $7.9 billion in Turkey's economy, Azerbaijani Economy Minister Shahin Mustafayev said in a meeting with the Turkish Ambassador Erkan Ozoral, according to a message from the Economy Ministry.

Turkey has, in turn, invested around $10.1 billion in Azerbaijan, $2.6 billion of them accounting for the non-oil sector, Mustafayev said.

Overall, Azerbaijan is planning to invest $20 billion in Turkey’s economy, the minister added, Trend reports.

Over 2,600 Turkish companies operate in Azerbaijan, while more than 1,700 Azerbaijani companies operate in Turkey, according to Mustafayev.

Speaking about Azerbaijan-Turkey relations, the minister noted that the two countries enjoy the strategic cooperation.

Mustafayev reminded that the Baku-Tbilisi-Kars railway will be commissioned in 2017.

"Azerbaijan and Turkey are putting efforts to expand the relations in various directions,” Mustafayev added. "The fifth Azerbaijan-Turkey-Georgia business forum, to be held in Istanbul on November 16, will be such an event.”

The minister added that Azerbaijan and Turkey can hold similar events in the trilateral format with Russia, Iran and Kazakhstan.

Mustafayev also added that at present work is underway to expand the exportfrom Azerbaijan’s Nakhchivan Autonomous Republic to Turkey.

According to the Azerbaijani State Customs Committee, trade turnover between Azerbaijan and Turkey amounted to $1.67 billion in January-September 2016, more than $842 million of this accounting for the exports

to Turkey.