Azerbaijani state companies are planning to invest some $5bn in Turkey in the next two to three years, a minister has said.
“The investments of Azerbaijani state companies in Turkey top $3bn today. In the coming two to three years our state companies are planning investments of $5bn in the Turkish economy, not to mention investment from the private sector,” Azerbaijan’s minister of industry and energy, Natig Aliyev, told a conference in Baku today.
Azerbaijan invests in Turkish energy projects in particular, with state oil company SOCAR holding the majority of shares in Turkey’s petrochemical giant, Petkim
Natig Aliyev told the international conference, entitled the Azerbaijani Model of Economic Development, that Azerbaijani companies were actively investing in Georgia too. He said that Azerbaijan met 90% of Georgia’s needs for gas and Azerbaijan’s state company, SOCAR, was modernizing the gas distribution network in Georgia.
Natig Aliyev also said that Azerbaijan was working to increase oil and gas production.
Economic Development Minister Shahin Mustafayev told the conference that Azerbaijan had become the region’s economic power house, accounting for 75% of the total gross domestic product (GDP) of the three South Caucasus states.
“In Azerbaijan, the years of reform by late President Heydar Aliyev and current President Ilham Aliyev have created a liberal and independent economy, relying on its own resources and integrated into the global economy,” Mustafayev said.
He said that Azerbaijan’s status was reflected in the country’s international credit rating and in global assessments on the ease of doing business.
Interfax-Azerbaijan, Fineko/ABC
, 17 September 2010
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