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Türkiye molds 'win-win' relations with Turkic countries - trade minister (Exclusive)

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Politics Materials 18 September 2023 10:35 (UTC +04:00)

Türkiye molds 'win-win' relations with Turkic countries - trade minister (Exclusive)

Humay Aghajanova

BAKU, Azerbaijan, September 18. Türkiye molds 'win-win' relations with Turkic countries, Trade Minister of Türkiye Omer Bolat said, Trend reports.

Bolat noted that Türkiye is constantly expanding its relations with other Turkic countries in all spheres.

"Our relations, essentially, are based on friendship and brotherhood. We have strengthened our close political cooperation over the past 30 years and the progress made in our economic and trade relations over the past 20 years. We collaborate to diversify production and exports," the minister also said.

According to him, Türkiye has made significant efforts to adapt the countries in the region to a free-market economy without harming the social dynamics of the transformation process.

"We know that focusing the commercial dynamics on only one product is a major obstacle to achieving economic stability, and the states in the region are also aware of this situation. Our close cooperation continues towards diversifying production and exports. We attach particular importance to ensuring the food needs of the region's population through investments in the food industry," he pointed out.

Bolat also pointed out that the tourism sector is an area that Türkiye has always valued.

"The tourism potential of the countries in the region is high. Our contribution to the infrastructure of the countries in the region through projects carried out by our contractors will contribute to the growth of the tourism sector. Additionally, the region has high potential for renewable energy sources," he emphasized. "Investments in this field will not only ensure environmentally friendly production but also diversify energy production channels. Our experienced investors in this field are working in the region to meet all the needs."

Noting that export-oriented production, trade, and other service sectors are carried out in Türkiye's free economic zones, Bolat stated that incentives are also extended to investors from other countries, including representatives of friendly and fraternal Azerbaijan.

"In free economic zones, both domestic and foreign investors are offered opportunities such as the exemption from corporate tax on production activities, and when exporting, 85 percent of the manufactured products are exempt from withholding income tax on employees' salaries, exemption from property tax, and other fees," Bolat added.

Previously, the Turkish minister said that the countries of the Organization of Turkic States agreed to increase mutual investments.

He also noted that exports between member countries of the organization in 2022 amounted to approximately $33 billion.

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