Türkiye attaches great importance to opening of Zangazur corridor

Türkiye attaches great importance to the opening of the Zangazur corridor, Ali Kopuz, First Vice President of the Union of Chambers and Commodity Exchanges of Türkiye, said at the 6th Economic Cooperation Organization (ECO) Business Forum, Report informs.

According to him, Azerbaijan, with its rapidly developing economy, offers attractive business and investment opportunities.

"We are proud of Azerbaijan's progress. We attach great importance to the opening of the Zangazur corridor, which will make significant contributions to the development of trade in this region and connect Nakhchivan with Baku. With the implementation of this project, a new corridor will be created from East to West that everyone can use," he explained.

The official noted that ECO has great potential: "However, we cannot utilize it. Unfortunately, as the ECO Chamber of Commerce, we have not been able to come together for a long time. After the pandemic, following our meeting in Tashkent, this is our second event. For many years, I have advocated that the ECO Chamber needs to become a permanent secretariat. As a union, we are ready to take on this responsibility."

According to Kopuz, there are problems in the region regarding cargo and passenger transportation: "By eliminating these problems, we can overcome barriers related to the movement of goods and people. Daily procedures, unfortunately, do not contribute to the development of trade relations. Visa-related problems still remain. We need to clear the way for trade and investments."

He also highlighted that to attract investors to countries, arbitration opportunities in line with international standards should be provided: "After we, as Türkiye, provided an arbitration system, there has been a noticeable increase in investments. Previously, foreign capital inflow was not more than $1 billion annually. But now this figure exceeds $10 billion."