PASHA Yatirim Bankasi becomes ‘financial bridge’ for businesses

The value of Turkey’s investments in Azerbaijan is $12 billion, and the value of Azerbaijan’s investments in Turkey is $19.5 billion, said Director General of PASHA Yatirim Bankasi A.S., a subsidiary of PASHA Bank in Turkey, Cenk Eynehan, Report informs referring to Turkish media.

He said that approximately 21.6 percent of all foreign companies in Azerbaijan are with Turkish capital: “In 2020, the value of bilateral trade between Turkey and Azerbaijan amounted to about $4.5 billion.”

He noted that, under a new agreement on preferential trade between the two countries, which entered into force in March this year, the volume of trade between the two countries is planned to be increased to $15 billion. This agreement includes important measures to nullify quotas and customs taxes on 15 commodity items.

Eynehan also added that in the future, both countries will strive to eliminate double taxation and achieve new trade agreements: “The visa-free visit between the two countries, which came into force April 1 this year, is a very positive step for economic ties.”

He stressed that in 2020, despite the coronavirus pandemic, Azerbaijanis opened 148 firms in Turkey and purchased 1,279 houses.

As for the activities of the bank led by him and its position between the two countries, Eynehan noted that PASHA Bank has become a ‘financial bridge’ for businessmen aiming to invest in business between Azerbaijan, Georgia and Turkey: “The three countries cooperated within the Baku-Tbilisi-Kars railway line, which started a new era in rail freight between Asia and Europe. This line, commissioned in October 2017, became the most important connecting point in the Middle Corridor, stretching from Beijing to London.”