Baku: Trkiye is prepared to collaborate extensively with Azerbaijan on renewable energy investments and the green transition, as stated by Vice President Cevdet Yilmaz during the Second Trkiye-Azerbaijan Investment Forum in Baku. He highlighted the potential for turning regional challenges into opportunities through strengthened cooperation.

According to Anadolu Agency, Yilmaz emphasized Trkiye's keen interest in Azerbaijan's energy sector transformation, noting the gradual decline of fossil fuel reliance and the shift in energy policies. He commended Azerbaijan's significant investments in renewable energy and the strategic focus on diversifying its economy away from oil dependency.

Yilmaz reiterated Trkiye's readiness for comprehensive cooperation with Azerbaijan in renewable energy investments, underscoring the importance of this strategic transformation for regional energy security. He also highlighted the historical responsibility to advance commercial and economic relations under favorable conditions, aiming for a strong Trkiye and Azerbaijan and a prosperous region.

Trkiye's economy has shown resilience, with 21 consecutive quarters of growth and an expected GDP exceeding $1.5 trillion this year. Yilmaz mentioned the projected rise in per capita income, placing Trkiye in the World Bank's high-income category for the first time, and cited IMF projections positioning Trkiye among the world's top economies.

Focusing on trade, Yilmaz noted Trkiye's record-breaking exports, despite global challenges, with exports nearing $271 billion. He pointed out Azerbaijan's robust economic performance and the bilateral trade volume reaching $8 billion in 2024, with a temporary decline due to oil price fluctuations.

Yilmaz outlined a trade target of $15 billion set by the presidents of both nations, fueled by expanding trade agreements and exploring a potential free trade agreement. He highlighted mutual investments, with Trkiye investing approximately $18 billion in Azerbaijan and vice versa, stressing the importance of joint projects and increased cooperation between business communities.

He called on investors from both countries to enhance mutual investments and collaborate on projects in third countries, aiming to strengthen the foundation for trade and regional growth.