Baku, Ankara discuss bilateral investment opportunities

By Ayya Lmahamad

Azerbaijan and Turkiye have discussed bilateral investment opportunities, Azernews reports.

The discussion occurred at a meeting between Azerbaijan's Small and Medium Business Development Agency (SMBDA) Board Chairman Orkhan Mammadov and Turkiye's CTech company CEO Juneyt Firat.

The meeting was held within the framework of the 4th Azerbaijani International Defense Exhibition “ADEX” and the 13th International Exhibition for Internal Security, Safety and Rescue Equipment “Securex Caspian” fair.

During the meeting, the parties also discussed the support and services provided by SMBDA to foreign businessmen.

Azerbaijan and Turkiye collaborate in a variety of economic sectors and have completed major energy and infrastructure projects, such as Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars, and TANAP.

In 2021, Azerbaijan and Turkiye signed the Shusha Declaration on Allied Relations, which focuses on defense cooperation, promoting regional stability and prosperity, and establishing new transport routes.

The two countries set up a goal to bring the mutual trade turnover to $15 billion in 2023. As of 2021, the trade turnover between the two countries amounted to $4.6 billion. So far, Turkiye is Azerbaijan’s second-largest investor followed by the UK.

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