By Azernews

By Nigar Abbasova

The successful economic collaboration between Azerbaijan and Turkey, which is based on the huge transportation and energy projects, also extends to the area of mutual investments.

Ranking among top foreign investors in Turkey, Azerbaijan has so far invested some $7.9 billion in Turkey's economy.

Economy Minister Shahin Mustafayev said in a meeting with the newly-appointed Turkish Ambassador, Erkan Ozoral that the overall sum that the country plans to invest in Turkey’s economy stands at $20 billion.

The figure is expected to become Azerbaijan's largest investment abroad.

He added that Turkey invested around $10.1 billion in Azerbaijan with some $2.6 billion of the sum accounting for the non-oil sector. Over 2.600 Turkish companies operate in Azerbaijan, while more than 1,700 Azerbaijani companies operate in Turkey

Speaking about Azerbaijan-Turkey relations, the minister noted that the two countries enjoy the strategic cooperation, mentioning that the Baku-Tbilisi-Kars railway will be commissioned in 2017.

Mustafayev further said that the fifth Azerbaijan-Turkey-Georgia Business Forum, to be held in Istanbul on November 16, will contribute to the expansion of ties, adding that Azerbaijan and Turkey can hold similar events in the trilateral format with Russia, Iran and Kazakhstan.

Azerbaijan’s state energy giant SOCAR, has a lion’s share in the total volume of investments made by Azerbaijan in Turkey. Moreover, SOCAR is involved in a number of major investment projects in Turkey. SOCAR Turkey Enerji, a subsidiary of SOCAR is the most important representative of the constantly-reinforcing economic collaboration between Azerbaijan and Turkey.

The two countries are connected by several important regional projects, such as Baku-Tbilisi-Ceyhan oil pipeline, Baku-Tbilisi-Erzurum gas line and TANAP.

Turkish businessmen also intend to increase investments in Azerbaijan’s economy.  Turkish companies operate almost in all spheres of the economy: in the telecommunications, banking, insurance, transportation, food, textile sectors and in the field of construction equipment and furniture manufacturing. Nearly 25,000 people are currently employed by Turkish companies operating in Azerbaijan.

Ozoral earlier said that Turkish construction companies have invested $11 billion in 350 projects implemented in Azerbaijan since 2003, mentioning that the figure does not reflect the existing potential.

The trade turnover between the countries amounted to $1.67 billion in January-September 2016, more than $842 million of the sum accounting for the exports to Turkey.