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Azerbaijan to Triple Investments in Turkish Economy until 2020

Azerbaijan's investments in the Turkish economy will reach $17-20 billion until 2020, Azerbaijani Minister of Economy and Industry Shahin Mustafayev said at a meeting with Turkish Minister for Trade and Customs Cenap Ascı.

At present, Azerbaijan's investments in Turkish economy exceed $6 billion.

Mustafayev said that the political and economic ties between Azerbaijan and Turkey have reached the strategic partnership level due to the political will of the presidents of both countries.

The minister stressed that there are great opportunities for the development of cooperation between the countries.

Asci also emphasized the great economic potential for the development of Azerbaijani-Turkish relations.

Asci said that Turkey attaches great importance to the Baku-Tbilisi-Kars railway construction project, which will contribute to the further development of relations between the two countries.

At present, there are more than 2,600 Turkish companies in Azerbaijan, but nearly 1,600 Azerbaijani companies in Turkey.

According to the State Customs Committee, the Azerbaijan-Turkey trade turnover decreased by 15.8 percent up to $954.66 million in January-August 2015. It ranked fourth with a share in a total trade turnover volume worth 6.78 percent in the list of foreign trade partners of Azerbaijan. Turkey ranks second (after Russia) among importers of Azerbaijan with a special share worth 12.58 percent of a total volume of import operations, but 15th with a share worth 2.59 percent among exporting countries.

Source: Trend

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