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Azerbaijan, Turkey ink contracts on ore deposits exploitation

01 October 2021 [12:36] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijani Economy Minister Mikayil Jabbarov has signed contracts with Turkish companies for the country's ore deposits exploitation.

"In order to provide the geological exploration and exploitation of the Azerbaijani ore deposits Gashgachay, Elbaydash and Agduzdag, we signed agreements with Eti Bakir  A.?. and Artvin Maden A.?., the leading Turkish companies in this field," the minister wrote on his official Twitter page on September 30.

Jabbarov noted that this important step will play a vital role in launching the extractive industry on the country's liberated territories, facilitating the exploration of high-potential fields and encouraging their contribution to the economy.

He noted that the step will also accelerate the region's economic reintegration.

Azerbaijan and Turkey cooperate in various fields of economy and have jointly completed giant energy and infrastructure projects such as Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars and TANAP.

Eleven agreements were signed between the two countries within the Azerbaijani-Turkish business forum held in Ankara on February 18. The agreements envisage the development of the Azerbaijani-Turkish cooperation in the economic, trade, and other spheres. Moreover, on June 15, Azerbaijani and Turkish Presidents have signed a Shusha Declaration on allied relations between the two countries.

In the first eight months of 2021, the trade turnover between Azerbaijan and Turkey amounted to $2.8 billion. The trade turnover between the two countries amounted to $4.1 billion in 2020.

The two countries set up a goal to bring the mutual trade turnover to $15 billion in 2023. It should be noted that so far, Turkey is Azerbaijan’s second-largest investor followed by the UK.

Additionally, Turkey was one of the first countries that expressed its interest and readiness to participate in the restoration of Azerbaijan’s liberated territories.


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