Turkey is ready to consider creation of a free economic zone (FEZ) on the border with Azerbaijan’s Nakhchivan Autonomous Republic, Turkish Economy Minister Nihat Zeybekci said in an exclusive interview with Trend.
“Such issues are in the competence of the Turkish Cabinet of Ministers and if the country’s entrepreneurs ask to create a FEZ on the border of Turkey and Nakhchivan Autonomous Republic, we are ready to consider such an opportunity,” the minister said.
He noted that the Turkish government regularly informs entrepreneurs about the investment opportunities of Azerbaijan and tries to help them enter this market.
The minister stressed that Turkish entrepreneurs always consider Azerbaijan an attractive country for investments.
He expressed hope for expansion of investment ties between the two countries.
Over the past year, economic relations between Azerbaijan and Turkey have reached a new level. Last year, Turkey exempted supplies of 42 products from the Nakhchivan Autonomous Republic from customs duties, and also signed a memorandum on preferential trade with Azerbaijan, which provides for exemption of import-export operations from customs duties.
Azerbaijan’s trade turnover with Turkey amounted to $2.64 billion in 2017, $1.37 billion of which accounted for exports to Turkey, according to Azerbaijan’s State Customs Committee.
The trade turnover between the two countries grew 14.8 percent in 2017. In the first quarter of this year, the Azerbaijani-Turkish trade turnover amounted to $573.1 million (a 3.7 percent growth for the year).