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Turkey may establish special economic zone in Azerbaijan: minister

08-16-2012 07:15 BJT

BAKU, Aug. 15 (Xinhua) -- Turkey may establish a special economic zone in Sumgayit, the third largest city of Azerbaijan, visiting Turkish Economy Minister Zafer Caglayan told a press conference in Baku on Wednesday.

"Turkey has rich experience in the creation of industrial zones and is willing to share it with Azerbaijan. To this end, our delegation will visit Azerbaijan again to discuss this issue," the minister said following the second meeting of economy ministers of the Cooperation Council of Turkic Speaking States (CCTS), which opened here on Monday.

According to Caglayan, Turkey and Azerbaijan discussed a range of joint projects within the framework of bilateral cooperation, in particular on joint investment, trade, activities in third countries, enhancing business and signing of new agreements.

He also said an Azeri delegation led by Minister of Economic Development Shahin Mustafayev will visit Turkey in the near future to discuss issues related to industry, tourism and energy.

Turkish companies became main investors in Azerbaijan, together with American and British firms, with Turkey's investment in the country totaling 6.5 billion U.S. dollars.

From January to April 2012 Turkey's exports to Azerbaijan amounted to 785 million US dollars, an increase of 38.5 percent compared to the same period of 2011. Turkey's imports from Azerbaijan during the period grew by 24 percent to 631 million U.S. dollars.

In 2011, trade turnover between the two countries stood at 3.5 billion U.S. dollars.



Editor:James |Source: Xinhua

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