Türkiye ready to cooperate with Azerbaijan in renewable energy investments, green transition: Vice president

Türkiye is ready to engage in all forms of cooperation with sister nation Azerbaijan on renewable energy investments and the green transition, said its Vice President Cevdet Yılmaz on Tuesday.

Speaking at the Second Türkiye-Azerbaijan Investment Forum in Azerbaijan's capital Baku, Yılmaz said: "By strengthening our cooperation through the power of unity, we can turn the challenges facing our region into opportunities."

Yılmaz said Türkiye is closely following Azerbaijan's transformation in the energy sector, where it plays a significant role both regionally and globally, adding that fossil fuel usage will gradually decline, and energy policies based on them will change.

"Azerbaijan has identified this clearly and is making serious investments in renewable energy. We support this approach. At the same time, developing non-oil sectors is a highly accurate strategy. Diversifying the economy and avoiding dependence on a single product is an extremely sound policy," said Yılmaz.

"We would like to emphasize that Türkiye is ready for all kinds of cooperation with brotherly Azerbaijan regarding renewable energy investments and this transformation. The successful continuation of this strategic transformation is of great importance for regional energy security," he added.

TÜRKİYE: 21 STRAIGHT QUARTERS OF GROWTH

Stressing that advancing commercial and economic relations is a historical responsibility shaped by current favorable conditions, Yılmaz said: "Our goal is a strong Türkiye, a strong Azerbaijan, and a prosperous region where peace and stability prevail."

"Our political stability is the greatest assurance for our esteemed business community. The friendship and brotherhood between our presidents, (Türkiye's) Recep Tayyip Erdoğan and (Azerbaijan's) Ilham Aliyev, just like the brotherhood of our nations, present us with major opportunities. There is a very strong political will behind us. Our duty is to transform this will into concrete projects and tangible actions," he added.

Yılmaz said Türkiye's economy has expanded for 21 consecutive quarters, with growth reaching 3.7% in the first nine months of the year, despite an estimated 6% contraction in agriculture due to frost and drought, adding that its GDP, which stood at $238 billion in 2002, is expected to exceed $1.5 trillion this year in line with international forecasts.

Per capita income is projected to rise above $17,000 to approach $18,000, placing Türkiye in the World Bank's high-income country category for the first time, Yılmaz explained. According to IMF projections, Türkiye is expected to rank as the world's 16th-largest economy by nominal GDP and 11th by purchasing power parity, he said.

'OUR GOAL IS TO REACH A $15M TRADE VOLUME'

Highlighting that Türkiye continues to break export records, Yılmaz said: "Despite unfavorable global conditions, rising protectionism, uncertainty, and geopolitical tensions and wars in our region, our exports continue to grow. Based on annualized figures, our exports have approached $271 billion."

Pointing to Azerbaijan's strong economic performance, with a growth rate of 4.1% in 2024, Yılmaz said bilateral trade between Türkiye and Azerbaijan reached $8 billion in 2024 with a "slight decline this year due to developments in oil prices and other factors, but this will be temporary."

"Our goal is to reach the $15 billion trade target set by our presidents. We firmly believe that we will achieve this together with our business communities. In this context, we expanded our preferential trade agreement with Azerbaijan and ensured its entry into force in 2024. We are also conducting studies to explore the possibility of signing a free trade agreement," he said.

Yılmaz stated that direct investments from Türkiye to Azerbaijan have reached approximately $18 billion, while investments from Azerbaijan to Türkiye have approached $21 billion, emphasizing that stronger mutual investments create a more solid and stable foundation for trade.

Calling on investors from both countries, Yılmaz said: "Please invest more and cooperate more. Not only invest mutually, but also carry out joint projects in third countries. This is our expectation and our call. Let us increase mutual investments and also undertake joint investments in other countries."