Great potential for relations between Azerbaijan, Georgia and Turkey

Πηγή: Trend
By N.Ismayilova
Feb 17 2012

There is great potential for further development of relations between Azerbaijan, Georgia and Turkey in various sectors of the economy, Minister of Economic Development Shahin Mustafayev said at the Azerbaijani-Georgian-Turkish business forum in Tbilisi yesterday.

"The issues discussed at the Forum, and bilateral meetings will promote further development of trade and economic relations between the three friendly countries, as well as create conditions for the expansion of networking between businessmen," Mr Mustafayev said.

Mr Mustafayev noted that Azerbaijan, Georgia and Turkey established a solid legal basis with the intergovernmental commission playing an important role in the development of relations between the countries.

"Azerbaijan has invested more than $800 million in the economy of Georgia for the past five years. A subsidiary of the State Oil Company of Azerbaijan (SOCAR), Socar Georgia Petroleum, was the largest taxpayer in Georgia in 2010 and 2011 and became the largest investor by putting $32 million into the country in 2011," Mr Mustafayev said.

He said SOCAR has invested more than $700 million in the economy of Georgia. Azerbaijani companies operating in Georgia contributed to the creation of 7000 jobs, 106 Georgian companies are registered in Azerbaijan and 272 Azerbaijani companies in Georgia. Trade turnover between Azerbaijan and Georgia increased by 36 per cent in 2011.

"SOCAR and other Azerbaijani companies have invested $4.5 billion in the Turkish economy. Trade turnover between Azerbaijan and Turkey increased by 87 per cent in 2011," Mr Mustafayev said.

He went on to say that 967 Turkish companies registered in Azerbaijan and 844 Azerbaijani companies in Turkey.