Azerbaijani businessmen intend to increase investments in Turkey

Azerbaijani businessmen intend to increase investments in Turkey, Rufat Mammadov, head of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO), said.

Mammadov made remarks at the Azerbaijan-Turkey business forum in Baku May 5, Trend reports.

He added that at present, Azerbaijan is the biggest foreign investor of Turkey.

“In its turn, Azerbaijan created all the conditions for the Turkish entrepreneurs to increase investments in the country.

Mammadov added that Turkey should eliminate customs duties on the import of Azerbaijani products for further expansion of trade and economic relations between the two countries.

So far, the Turkish entrepreneurs have invested over $9 billion in the Azerbaijani economy.

At the same time, Azerbaijan's investments in Turkey will reach $17-20 billion due to the transactions of Azerbaijan’s state oil company SOCAR.

According to the Azerbaijani State Customs Committee, the trade turnover between Azerbaijan and Turkey reached almost $553 million in January-March 2017, $308.7 million of which accounted for the export to Turkey.

Over the year, the trade turnover between Azerbaijan and Turkey increased by more than twofold. During the same period, export to Turkey increased by 5.2 times. (News.Az)