ISTANBUL - Azerbaijani-Turkish Businessmen Association Chairman Ahmet Erentok said that ''share of Turkey in Azerbaijani foreign trade volume dropped to 6 percent from 29 percent, between 1996 and 2003.''
Holding a news conference on Friday Erentok said, ''although political and cultural relations between Turkey and Azerbaijan are good, those are not reflected to commercial relations, and economic relations have been worsened during the last 5 years.''
Erentok said, ''In 1998 Turkey ranked first with a share of 21 percent in total foreign trade of Azerbaijan . Turkey's share, which was 29 percent in 1996, dropped to 6 percent at the end of 2003 and Turkey regressed to the fourth rank in Azerbaijan's foreign trade.''
''In Azerbaijan 80 percent of investments are made by foreigners and 20 percent by domestic investors,'' Erentok added.
Noting, ''Azerbaijan guarantees protection of foreign capital,'' Erentok went on to say: ''We try to reduce tax rates which are currently at the rate of 24 percent and there is no problem in transferring (abroad) the profit gained in Azerbaijan. Businessmen of two countries should cooperate and when we will be successful in this area, Azerbaijan will have the advantage of importing technology from Turkey, to obtain an increase in investments volume, developing private sector, providing employment, creating a service sector with high standards, eliminating regional inequality and improving industries other than oil industry. On the other hand, Turkey will have some advantages such as reaching markets of Commonwealth of Independent States (CIS) with less cost, making business in a stable milieu, customs-related problems, increasing consumption potential and support regarding the founding of production companies.''
(GC-ULG) 20.08.2004