Azerbaijan has ensured economic growth despite major political challenges, said Vice President of the Republic of Türkiye, Cevdet Yılmaz, during his speech at the 2nd Azerbaijan–Türkiye Investment Forum held in Baku, APA-Economics reports.
According to him, despite the serious political problems Azerbaijan has faced and the great sacrifices it made to liberate its occupied territories, the country has simultaneously managed to grow its economy and has reached its current stage of development. C. Yılmaz noted that the overall picture observed in Baku and the infrastructure formed at the venue where the forum is being held clearly demonstrate Azerbaijan’s development path from independence to the present day, even before looking at the figures.
The Vice President stated that in 2024, Azerbaijan proved to be one of the standout economies in the region with an economic growth rate of 4.1 percent. He emphasized that trade turnover between the two countries reached approximately USD 8 billion last year, noting that this is a significant indicator.
C. Yılmaz added that a temporary slowdown in trade turnover is possible this year due to a decline in oil prices and other factors, but noted that this will not be of a lasting nature. According to him, the main goal is to achieve the USD 15 billion bilateral trade target set by the Presidents of Azerbaijan and Türkiye.
The Vice President stated that this goal is believed to be achievable with the active participation of the business community. He also recalled that the Preferential Trade Agreement with Azerbaijan has been improved and that the document entered into force in 2024, noting that this will give an additional boost to bilateral trade. At the same time, he emphasized that work has begun to explore the possibility of signing a Free Trade Agreement and that negotiations in this direction are ongoing.
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