Azerbaijan, Turkey may implement joint projects in other countries

Turkish contractors hope to play a key role in rebuilding Azerbaijan's Nagorno-Karabakh region, which was recently reclaimed after nearly three decades of Armenian occupation, Turkey's Trade Minister Mehmet Muş said at an investment forum in Baku yesterday.

Report informs, citing foreign media, that Turkosh companies have undertaken projects worldwide, and in Azerbaijan, in particular, they have completed nearly 450 projects worth $15 billion.

Underlining the importance of bilateral trade, Muş stressed Turkey and Azerbaijan aim to reach a trading volume of $15 billion.

"Turkey-Azerbaijan trade rose by 5% in 2020 on an annual basis to $4.6 billion, despite the coronavirus pandemic. Trade increased in the first four months of 2021, and the trend is expected to continue throughout the year. The studies are ongoing to expand the scope of a preferential trade agreement that came into effect on March 1," he added.

He shared that Turkey's investments in Azerbaijan amounted to $12 billion, while Azerbaijan's in Turkey totaled $19.5 billion.

Nail Olpak, the president of DEIK, highlighted Azerbaijan's new investment opportunities in the aftermath of the victory in Nagorno-Karabakh.

"We have talked with Azerbaijan about joint projects in third countries as well," Olpak noted, listing nations like Georgia and Pakistan.

He said the potential investment areas included health, health tourism, agriculture, defense, infrastructure, mining, and medicine.