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Amount of mutual investments between Azerbaijan and Turkey disclosed

Azerbaijan has invested $14.3 billion in Turkey’s economy, of which $12.8 billion was invested in the oil sector, while $1.5 billion – in the non-oil sector, Trend reports citing acting president of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Yusif Abdullayev as saying.

Abdullayev made the remarks at the Azerbaijan-Turkey business forum in Baku on Dec. 11.

“Turkey invested $11.8 billion in the Azerbaijani economy, including $9.1 billion in the oil sector,” he said.

Speaking about the recent reforms in the country, Abdullayev stressed that production and export of non-oil goods increased in the country thanks to the reforms.

“In particular, Azerbaijan supports entrepreneurs, assisting them in taking part in various exhibitions, by giving benefits, opening trade houses, appointing trade representatives to different countries and carrying out other measures,” he said.

He added that as a result of the reforms Azerbaijan ranked 25th in the World Bank’s Doing Business report.

According to the Azerbaijani State Customs Committee, the trade turnover between Azerbaijan and Turkey amounted to $2.8 billion in January-October 2018, of which 1.48 billion manats accounted for the export to this country. The trade turnover between the countries increased by 29 percent for the year.

About Fidan Abdullayeva