Türkiye, Azerbaijan reaffirm commitment to expand trade, investment ties at Baku forum

Senior officials from Türkiye and Azerbaijan highlighted growing economic cooperation at the 2nd Azerbaijan-Türkiye Investment Forum held in Baku on Tuesday.

Speaking at the forum, Azerbaijani Prime Minister Ali Asadov said expanding economic and trade ties with Türkiye was among its priorities, noting that the country has invested over $20 billion in Türkiye, while Turkish investments in Azerbaijan amount to about $18 billion.

"We are committed to maintaining steady mutual investments," he added.

Asadov also highlighted economic reforms, reconstruction efforts in Karabakh and free trade zones, calling on Turkish businesspeople to take a more active role in Azerbaijan.

Turkish Trade Minister Ömer Bolat said bilateral trade volume increased from $2.6 billion in 2016 to $8 billion, adding that the goal was to make mutual trade a top priority for both countries.

Bolat stressed Azerbaijan's strategic role as a key transit hub, arguing that the Zangezur Corridor and the Middle Corridor would significantly enhance regional and global trade.

"With the Zangezur Corridor, which we expect to be completed soon, Türkiye will have rapid access to Central Asia and the Far East," he said. "Likewise, the Middle Corridor, passing through Azerbaijan and Türkiye, will have an accelerating effect on global trade."

Chairman of the Türkiye-Azerbaijan Businessmen and Industrialists Union Hüseyin Büyükfırat described the Zangezur Corridor as a strategic project that would strengthen trade, connectivity and long-term prosperity across the region.

At the forum, an agreement was signed for Azerbaijan's state oil company SOCAR to acquire all shares of the GAMA Energy Central Anatolia Natural Gas Combined Cycle Power Plant.

The forum concluded with panel discussions on Industry 4.0, agriculture, trade and logistics corridors, and access to finance.