Baku, Ankara discuss opportunities for economic cooperation dev't

By Azernews

By Ayya Lmahamad

Azerbaijan and Turkiye have discussed opportunities for the development of economic cooperation, including trade relations, Azernews reports.

The discussion took place during a meeting between Azerbaijan's Economy Minister Mikayil Jabbarov and Turkiye's Chamber of Commerce and Exchange Union President Mustafa Rifat.

Mikayil Jabbarov noted that both countries are reliable partners in the world and active participants in major energy and transport projects. He noted the role of the private sector in strengthening cooperation and increasing trade turnover, as well as the importance of Turkiye's Chamber of Commerce and Exchange Union in the development of relations between entrepreneurs.

In this regard, the parties noted that the expansion of ties between associations of entrepreneurs, chambers of commerce, and industry, as well as holding various events with the participation of entrepreneurs is of particular importance.

They also exchanged views on opportunities for further expansion of trade cooperation, relations between business circles, and an increase in mutual investments.

To note, Mustafa Rifat was awarded the Dostluq Order for his contribution to the development of the Azerbaijani economy and effective work in the field of entrepreneurship by a decree of the Azerbaijani President, dated April 25, 2022. During the meeting, Mikayil Jabbarov presented Mustafa Rifat with the order.

Additionally, a meeting was held between Mustafa Rifat and Azerbaijan's Small and Medium Business Development Agency Chairman Orkhan Mammadov. The parties exchanged views on new areas of cooperation and opportunities for joint initiatives.

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, 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.