In the ten months of 2022, the trade turnover between Azerbaijan and the countries of the European Union amounted to 25.23 billion US dollars

At the project's opening ceremony, "Support for the Implementation of the Green Port Concept of Baku Port and Strengthening of Operational Capabilities," Deputy Minister of Economy of Azerbaijan Sahib Mammadov said that in the last ten years, the European Union had invested more than 20 billion US dollars in Azerbaijan.

According to him, Azerbaijan is an important partner of the European Union and one of the most attractive markets for European investors. Currently, more than 700 European companies operate in the country. "Also, our bilateral cooperation is successfully continued within the institutional instruments of the European Union. In terms of technical assistance cooperation, Azerbaijan is one of the best Eastern Partnership countries, with a total of 56 twinning projects," he noted.

Mammadov believes that the European Union remains Azerbaijan's main foreign trade partner. "In 2021, the share of the European Union in the foreign trade of our country was 44.8 percent (15.2 billion US dollars), and in January-October 2022, this figure was 54.49 percent (25.23 billion US dollars)," Mammadov noted.

Azerbaijan invested $19.5 billion in the Turkish economy

At the "Turkish Financial Sector Leaders' Summit" held in Baku, Orkhan Mammadov, the chairman of the Board of the Small and Medium Business Development Agency (KOBIA) under the Ministry of Economy of Azerbaijan, said that so far, Azerbaijan has invested 19.5 billion US dollars in the economy of Turkey, and Turkey has invested 12 billion US dollars in the economy of Azerbaijan.

"Currently, about 2,000 Azerbaijani companies are operating in Turkey, and more than 4,100 Turkish companies are operating in Azerbaijan," he noted.

"Despite the processes taking place in the global economy, there is a dynamic development in trade and economic relations between Azerbaijan and Turkey, as well as in all fields. While the annual value of the trade turnover between the two countries was 2.3 billion US dollars in 2016, it will double in 2021 to about 5 billion US dollars. For January–September 2022, this figure was 4.2 billion US dollars. On February 25, 2020, to promote preferential trade between the two countries, The Government of the Republic of Azerbaijan and the Republic of Turkey signed a preferential trade agreement (PTA) between the two governments," the chairman of KOBIA added.