Turkmenistan-Azerbaijan Business Forum was held

On November 28, the Turkmenistan-Azerbaijan Business Forum was held within the framework of the 7th session of the “Intergovernmental Commission on Economic and Humanitarian Cooperation between the Republic of Azerbaijan and Turkmenistan” in Ashgabat. 50 companies from Azerbaijan were represented at the forum. Under the leadership of the president of the National Confederation of Entrepreneurs (Employers) Organizations of Azerbaijan, Mammad Musayev, the members of the Confederation participated in the Forum.

Economic and business relations between our countries, mutual business opportunities were discussed at the event.  Joint cooperation was discussed as a result of networking among businessmen.

It should be noted that the volume of trade turnover of the Republic of Azerbaijan with Turkmenistan in January-October 2023 is 710.39 mln. US dollars, including the volume of imports 637.80 mln. US dollars, the volume of exports was 72.59 mln. US dollars, and the foreign trade balance was minus 565.21 million US dollars.

Compared to the corresponding period of 2022, in January-October 2023, trade turnover with Turkmenistan increased by 88.42 percent, including import by 76.36 percent, and export by 4.72 times.

In January-October 2023, the share of Turkmenistan in the foreign trade turnover of the Republic of Azerbaijan was 1.63 percent (13th place), including 4.50 percent in imports (5th place), and 0.25 percent in exports (26th place).

The main reason for the increase in imports is the increase in the import of crude oil, natural gas, liquid fuel and other products.

The increase in exports was mainly due to the increase in the export of aluminum wire, rope and cables, cotton fiber, sugar and other products.