Mutual investments between Azerbaijan and Turkiye announced

So far, Azerbaijan has invested $19.5 billion in the economy of Turkiye, and Turkiye has invested $12 billion in the economy of Azerbaijan, Orkhan Mammadov, Chairman of the Board of the Small and Medium Business Development Agency (SMBDA) under the Ministry of Economy, said at the Turkish Financial Sector Leaders' Summit in Baku.

"Currently, about 2,000 Azerbaijani companies operate in Turkiye and more than 4,100 Turkish companies in Azerbaijan," he said.

"Despite the processes in the global economy, dynamic development is observed in trade and economic relations between Azerbaijan and Turkiye, as in all fields. While the annual value of the trade turnover of the two countries was $2.3 billion in 2016, it was twice as much in 2021 - approximately $5 billion. For January-September 2022, this figure was $4.2 billion. On February 25, 2020, a Preferential Trade Agreement (PTA) was signed between the Government of the Republic of Azerbaijan and the Government of the Republic of Turkiye in order to promote preferential trade between the two countries," Mammadov said.