By Ayya Lmahamad

The Baku International Sea Trade Port and the Turkish Albayrak Holding have signed a memorandum of understanding, Azernews reports.

The document was signed by Port's Director-General Taleh Ziyadov and the head of the holding, Ahmet Albayrak.

According to the document, the holding will invest in the construction and management of a bulk cargo terminal in the Port of Baku, as well as in the management of a Ro-Ro [ed. roll-on/roll-off ships] terminal in order to redirect Turkish wheeled vehicles from Central Asia to Azerbaijan.

"The strategic location of the port, its technical capabilities and achievements became the basis for cooperation with the Turkish Albayrak Holding," the statement reads.

Speaking at the signing ceremony, Taleh Ziyadov noted that the signed agreement will enhance Azerbaijan's transit potential, adding that the document is aimed at increasing mineral fertilizers' transit through the Port of Baku.

Ziyadov also added that the launch of the new port terminal will provide for additional workplaces.

"Currently, the transshipment of mineral fertilizers is conducted by the major cargo terminal, whereas the launch of the new terminal is expected to boost the transshipment and the overall cargo flow," he said.

Moreover, Ziyadov noted that the cooperation between the Port of Baku and Albayrak Holding will increase the transit of wheeled vehicles from Turkiye to Central Asia through the territory of Azerbaijan. In this regard, he mentioned that Azerbaijan currently, accounts for 23 percent of exports of wheeled vehicles from Turkiye to Central Asia.

"This figure is planned to be increased to 50 percent in the near future within the framework of joint cooperation," he said.

The director-general also noted that the opening of the Zangazur corridor will increase the transportation of goods between Azerbaijan and Türkiye, as well as transit through Azerbaijan.

Additionally, Ahmet Albayrak emphasized that the holding is keen to invest in Azerbaijan's liberated territories.

"The holding is interested in boosting its investments in projects in Azerbaijan, including the liberated territories. We are interested in accelerating the restoration of Azerbaijan’s Karabakh," he concluded.