"Trade relations between Azerbaijan and Turkey have not slowed down but have developed faster. At present, Turkey ranks first for the amount of Azerbaijan's investments abroad," Economy Minister Mikayil Jabbarov said at the Azerbaijan-Turkey-Georgia business forum, Report informs.
According to him, these investments are currently worth over $ 19 billion.
"Turkey is also the largest investor in Azerbaijan's non-oil sector," he added.
Jabbarov added that serious work is underway to increase investment in all three countries: "The heads of state have set great goals for us. We plan to increase trade turnover with Turkey to $ 15 billion and expand the preferential trade agreement, which will further facilitate the export of Azerbaijani products to Turkey in the non-oil sector."
According to Turkish Industry Minister Mehmet Mus, the volume of trade between Turkey and Azerbaijan increased by 6.5% compared to last year and reached $ 4.5 billion.
He said that Turkey, Azerbaijan, and Georgia are situated on the world energy and transport projects: "We must boost our cooperation in this area and strengthen our economy. This year, the trade between Turkey and Georgia increased by 20% to $ 1.9 billion. Turkey's investments in Azerbaijan, including with third countries, have amounted to $ 12 billion. We have successfully implemented 455 projects worth $ 15.4 billion in Azerbaijan."