Azernews.Az

By Ayya Lmahamad

The number of companies with Azerbaijani capital registered in Turkey in the first half of 2021 increased by 73, bringing the total number of such companies to 124, Day.az has reported.

The total capital of the companies with Azerbaijani capital registered in Turkey in the first six months of the year totaled 37.2 billion TL ($4.3bn), compared to 8.2 billion ($957.8M) TL during the corresponding period of 2020.

During the reported period, the vast majority of companies with Azerbaijani capital were registered in Istanbul (109), with the total capital amounting to 37.1 billion TL ($4.3bn).

Moreover, of the total number of registered companies, 51 work in wholesale and retail trade, 14 in transport and logistics, 11 in industry, eight in real estate sales, six in construction, six in tourism, one in the mining sector and one in agriculture. The rest of the companies are involved in other sectors of the economy.

It should be noted that 148 companies with Azerbaijani capital were registered in Turkey in 2020. Of them, 126 companies were registered in Istanbul.

Azerbaijan and Turkey cooperate in various fields of economy and have jointly completed giant energy and infrastructure projects such as Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars and TANAP.

Eleven agreements were signed between the two countries within the Azerbaijani-Turkish business forum held in Ankara on February 18. The agreements envisage the development of the Azerbaijani-Turkish cooperation in the economic, trade, and other spheres. Moreover, on June 15, Azerbaijani and Turkish Presidents have signed a Shusha Declaration on allied relations between the two countries.

The two countries set up a goal to bring the mutual trade turnover to $15 billion in 2023. It should be noted that so far, Turkey is Azerbaijan’s second-largest investor followed by the UK.

Additionally, Turkey was one of the first countries that expressed its interest and readiness to participate in the restoration of Azerbaijan’s liberated territories.

In the first half of 2021, the trade turnover between Azerbaijan and Turkey amounted to $2.2 billion. The trade turnover between the two countries amounted to $4.1 billion in 2020.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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