Azerbaijan, Türkiye to restore 5 small hydroelectric power plants in liberated territories

Azerbaijan’s Minister of Economy Mikayil Jabbarov has said that his country is planning to restore jointly with Türkiye five small hydroelectric power plants (HPPs) in the liberated territories.

Addressing the Baku-hosted Azerbaijani-Turkish Investment Forum on the occasion of the 100th anniversary of national leader Heydar Aliyev and the Republic of Türkiye, the minister noted that a project on restoration of five small HPPs has been developed under negotiations held by Azerbaijan Investment Company OJSC under the Ministry with representatives of Turkish companies, Report informs. 

Restoration works will be carried out at the expense of private investments.

On the Kars-Nakhchivan railroad, Minister Jabbarov noted that it may become a new branch of the Middle Corridor.

“The plan to build the Kars-Nakhchivan railroad should be considered as a new branch of the Middle Corridor (Trans-Caspian International Transport Route),” he said.

The minister noted that the road, which will pass through Zangilan, Iran, Nakhchivan and again through the territory of Türkiye, as an alternative, will further strengthen our partnership in the transportation sphere.

The Minister pointed out that Azerbaijan plays an important role in the Middle Corridor project as a reliable trade route connecting East and West.

"Transport corridors passing through our country along the Middle Corridor, Baku Sea Trade Port, Baku-Tbilisi-Kars railway line and other projects are the shortest and most important for transportation of cargo from Azerbaijan, Türkiye to Europe and in the opposite direction.

Being an active participant of East-West and North-South transport corridors, Azerbaijan has invested in infrastructure projects related to rail, road and air transport at its own expense," Jabbarov added.

Meanwhile, addressing the forum, Minister of Trade of Türkiye Ömer Bolat noted that Turkish companies’ investments in Azerbaijan exceeded $12 billion.

He hailed the rapid expansion of economic integration between Azerbaijan and Türkiye.

According to the minister, 2,800 Azerbaijani companies have invested in Türkiye, while 5,800 Turkish companies have invested in Azerbaijan: "Investments of Turkish companies in Azerbaijan have reached $12.5 billion. So far, these companies have taken part in 517 projects, the value of which has reached $18 billion dollars".