ECONOMY


Turkish–Azerbaijani relations take centre-stage

Baku, July 21, AZERTAC

DEIK (Turkey’s Foreign Economic Relations Board) held a high-level event to discuss Turkish–Azerbaijani bilateral business and economic developments, bringing together representatives from the business communities of the two nations. The discussion was hosted at the Four Seasons Hotel Bosphorus in Istanbul.

The sixth edition of this annual event was hosted by Selcuk Akat, Head, Turkish-Azerbaijani Business Committee, DEIK; Rena Rzaeva, The European Azerbaijan Society (TEAS) Turkey Representative; and Cenk Eynehan, General Manager, Pasha Bank Turkey.

Presentations and speeches were given by all the hosts, highlighting the development of trade between the two countries to date, and future potential for the expansion of collaboration between the two economies.

Mr Akat opened the event by outlining the mission of DEIK, which is to further strengthen bilateral trade relations between Turkey and Azerbaijan, focusing on the various projects undertaken by DEIK during the past year. He predicted that the level of Azerbaijani investment in Turkey is expected to reach $20bn by 2020, predominantly due the work undertaken by the State Oil Company of the Azerbaijani Republic (SOCAR).

Mr Eynehan explained that, as the two countries expand their economic and social partnership, Pasha Bank is being transformed into the financial bridge in the region. The main findings of a comprehensive Pasha report on the Azerbaijani economy that details the various reform packages being implemented to boost the investment climate were discussed.

Mrs Rzaeva explained the role of TEAS in promoting the diverse business opportunities of Azerbaijan across Europe. She noted that, although Azerbaijani–Turkish business relations remain strongest in the energy sector, there is huge potential for deeper non-oil co-operation in the tourism, agribusiness and logistics sectors. She expressed her hope the strategic partnership between Turkey and Azerbaijan will be advanced to new levels through the work of DEIK.

The event ended with a dinner and networking event.

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