Turkey’s Zorlu holding to implement investment projects in Azerbaijan

By Azernews

By Ayya Lmahamad

Turkey’s leading Zorlu holding will implement investment projects in Azerbaijani’s economy.

A relevant memorandum of understanding was signed between the company and Azerbaijan’s Economy Ministry on June 18.

Under the agreement, Zorlu Holding will implement projects with investments in a number of sectors of Azerbaijan's economy and the Economy Ministry will provide the necessary support for the implementation of these projects, the ministry’s press service reported. 

The new cooperation platform will promote investments in various sectors of the Azerbaijani economy, including textile, Economy Minister Mikayil Jabbarov wrote in his Twitter account on June 18, adding that this opens up additional opportunities for expanding the investment partnership and will contribute to further strengthening the economic ties between the two countries.

"Implementation of these projects will create opportunities for opening new jobs and expand the use of modern technologies," Jabbarov stressed.

Noting that the strong friendly relations between the two countries have created favorable conditions for the activities of Turkish companies in Azerbaijan and cooperation in the investment field, the minister underlined that Turkey is one of the largest investors in Azerbaijan's economy.

Azerbaijan and Turkey cooperate in various fields of economy. The countries have jointly completed giant energy and infrastructure projects such as Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars and TANAP.

Eleven agreements were signed between the two countries within the Azerbaijani-Turkish business forum held in Ankara on February 18. The agreements envisage the development of Azerbaijani-Turkish cooperation in the economic, trade, and other spheres.  Afterward, Azerbaijan and Turkey have signed a memorandum of understanding in the areas of strengthening international legal cooperation.

Moreover, on June 15, Azerbaijani and Turkish Presidents have signed a Shusha Declaration on allied relations between the two countries.

The two countries set up a goal to bring the mutual trade turnover to $15 billion in 2023. It should be noted that so far, Turkey is Azerbaijan’s second-largest investor followed by the UK.

Additionally, Turkey was one of the first countries that expressed its interest and readiness to participate in the restoration of Azerbaijan’s liberated territories.  

In the first five months of the year, the trade turnover between Azerbaijan and Turkey amounted to $1.8 billion. Of the total turnover, export amounted to $1.2 billion, while import was $660.4 million. The trade turnover between the two countries amounted to $4.1 billion in 2020.