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Azerbaijan discloses amount of investments made in Turkish economy

Azerbaijan discloses amount of investments made in Turkish economy

Economy
27 February 2020, 17:06 347
Azerbaijan has invested about $18 billion in the Turkish economy throughout the history of the development of economic relations with Turkey, Head of the Department of the Azerbaijani Center for Analysis of Economic Reforms and Communication Nijat Hajizade said.
Hajizade was commenting on Turkish President Recep Tayyip Erdogan’s visit to Azerbaijan, Trend reports referring to the Center.
"Azerbaijan is the biggest investor of Turkey and plays a major role in ensuring its energy security,” head of the department said. "Azerbaijan has recently implemented large-scale projects in this sphere.”
Thus, TANAP, a project of international importance, which is implemented on the initiative of the two countries, is of great importance in terms of ensuring energy security and diversifying supplies to Turkey and the EU countries.
The first gas transportation to Turkey within TANAP was launched in 2018. Initially, it is planned to gradually increase the transportation volume, namely, first up to 16 billion cubic meters per year, then up to 24 billion cubic meters and in future up to 31 billion cubic meters.
The natural gas is supplied from Azerbaijan to Europe via Greece, Albania and Italy through the 1,850-kilometer TANAP.
In turn, Turkey invested $12.5 billion in the Azerbaijani economy. Presently, about 4,000 Turkish companies operate in the country.
Thus, the Turkish president’s visit to Baku will lead to a new stage in the development of bilateral investments and the tourism sector of the two countries. The main stimulus for this process is the agreement on a visa-free regime between Azerbaijan and Turkey.
As a result of this agreement, the period will not be limited for Turkish investors to conduct research on the Azerbaijani market to reveal the promising areas for making investments.
Moreover, the abolition of a visa regime will give an additional incentive for an increase in the number of mutual tourist trips, which will accordingly contribute to the development of the tourism sector of the two countries.