Türkiye increases investments in Azerbaijan’s economy

Türkiye has made direct investments worth $912 million in Azerbaijan's economy between January and September of 2024, Central Bank of Azerbaijan (CBA) said.

This marks a 4.4 per cent increase compared to the same period in the previous year, Caliber.Az reports via local media.

Türkiye's investments accounted for 20.2 per cent of Azerbaijan's total investment inflows during this period. Meanwhile, Azerbaijan's direct investments in Türkiye's economy amounted to $175.45 million, a significant decrease of 90 per cent compared to the previous year. The share of Azerbaijan's investments in Türkiye’s overall investment volume stood at 12.7 per cent during the same period.

Türkiye remains Azerbaijan's second-largest trading partner, with Turkish companies playing an active role in the country’s development, especially in large-scale infrastructure projects in Azerbaijan’s liberated territories. Currently, 107 Turkish-led projects are underway in these areas.

The mutual trade is facilitated by the "Preferential Trade Agreement between Azerbaijan and Türkiye" which was signed on February 25, 2020, and took effect on March 1, 2021. This agreement focuses on reducing customs duties on 15 categories of agricultural and food products, with an annual tariff quota, further enhancing bilateral trade.

By Vafa Guliyeva