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Azerbaijan-Turkey Business Forum takes place in Baku

04 December 2008 11:01 (UTC +04:00)

The event took place during Turkish Minister of State Kursad Tuzmenâ€™s visit to Baku.
Azerbaijanâ€™s Minister of Economic Development of Shahin Mustafayev said that the forum will make new contributions to cooperation between the two countries.
Describing the cooperation between Azerbaijan and Turkey, the minister referred to major projects such as the Baku-Tbilisi-Ceyhan Oil Pipeline, Baku-Tbilisi-Erzurum Gas Pipeline, as well as the Baku-Tbilisi-Kars Rail Link which is currently being constructed.
In addition, Shahin Mustafayev briefed the participants about his countryâ€™s economic growth.
He said Azerbaijan achieved a 2.7 times growth in GDP, a 2.8 times rise in industrial production a 10 times increase in the state budget revenue, a 2.3 times surge foreign exchange reserves to $18 billion and a rise in economic investments to $44 billion over the past 5 years:
â€œIn January-September, there has been a 15% year-over-year rise in GDP and a 13.7% increase in GDP per capita $4 400,â€ he added.
The Minister also noted that the there was a 14.5% growth in oil sector and a 15.4% growth in non-oil sector during the first 9 months this year.
According to him, the fixed capital investment grew by 38.5% to $9 billion during this period.
â€œFor January-September, trade turnover between Azerbaijan and Turkey amounted to $1.1 billion, of which $552 million were exports from Azerbaijan and $590 million imports from Turkey,â€ he added.
Azeri minister added that there are over 400 Turkish companies currently operating in Azerbaijan.
Turkish Minister of State Kursad Tuzmen underlined the need to boost mutual trade turnover between the two countries.
â€œTrade turnover was $1.3 billion last year. This figure is predicted to reach $1.5 billion or $2 billion in the nearest future. In general, our countries have potential for further trade and economic development,â€ he added.
Turkish minister noted that Turkey is one of three countries that most invested in Azerbaijan.