TODAY.AZ / Business

Azerbaijan, Turkey eye steps to set up joint technopark in Baku

01 November 2021 [10:54] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijan and Turkey have discussed joint steps to be taken to establish a joint technopark in Baku.

The discussion took place at a meeting between Azerbaijani Digital Development and Transport Deputy Minister Rovshan Rustamov and Turkish Industry and Technology Deputy Minister Chetin Ali Donmez.

During the meeting, an agreement was reached to study Turkey's experience in this area in relation to the development of the startup ecosystem in Azerbaijan.

The parties also focused on the issues related to the Technofest Aerospace and Technology Festival to be held in Baku in 2022.

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 Azerbaijani-Turkish cooperation in the economic, trade, and other spheres.

On June 15, Azerbaijan and Turkey signed the Shusha Declaration on Allied Relations, which focuses on defence cooperation, promoting regional stability and prosperity, and establishing new transportation routes.

In the first nine months of 2021, the trade turnover between Azerbaijan and Turkey amounted to $3.2 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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