Turkey pledges full cooperation with Azerbaijan on renewable energy
Addressing the Second Türkiye-Azerbaijan Investment Forum in Baku, Vice President Cevdet Yilmaz highlighted the importance of joint action, stating: “By strengthening our cooperation through the power of unity, we can turn the challenges facing our region into opportunities.”
He noted that Ankara is closely observing Azerbaijan’s ongoing shift in the energy sector, emphasizing the country’s growing influence both regionally and internationally. Yilmaz pointed out that reliance on fossil fuels is expected to decline over time, bringing significant changes to energy strategies worldwide.
“Azerbaijan has identified this clearly and is making serious investments in renewable energy.
We support this approach. At the same time, developing non-oil sectors is a highly accurate strategy. Diversifying the economy and avoiding dependence on a single product is an extremely sound policy,” said Yilmaz.
He underlined Türkiye’s openness to collaboration with Azerbaijan throughout this process, adding: “We would like to emphasize that Türkiye is ready for all kinds of cooperation with brotherly Azerbaijan regarding renewable energy investments and this transformation. The successful continuation of this strategic transformation is of great importance for regional energy security,” according to statements.
Yilmaz stressed that enhancing trade and economic ties between the two countries is a shared responsibility shaped by favorable conditions. “Our goal is a strong Türkiye, a strong Azerbaijan, and a prosperous region where peace and stability prevail,” he said.
Highlighting political stability as a key factor for economic confidence, he added: “Our political stability is the greatest assurance for our esteemed business community. The friendship and brotherhood between our presidents, (Türkiye’s) Recep Tayyip Erdogan and (Azerbaijan’s) Ilham Aliyev, just like the brotherhood of our nations, present us with major opportunities. There is a very strong political will behind us. Our duty is to transform this will into concrete projects and tangible actions.”
According to Yilmaz, Türkiye’s economy has now recorded growth for 21 consecutive quarters, expanding by 3.7% during the first nine months of the year despite an estimated 6% contraction in agriculture caused by frost and drought. He noted that the country’s gross domestic product, valued at $238 billion in 2002, is projected to surpass $1.5 trillion this year in line with international expectations.
He further explained that per capita income is forecast to exceed $17,000 and approach $18,000, which would place Türkiye in the World Bank’s high-income category for the first time.
Based on international projections, Türkiye is expected to rank 16th globally in nominal GDP and 11th by purchasing power parity.
Pointing to continued export growth, Yilmaz said: “Despite unfavorable global conditions, rising protectionism, uncertainty, and geopolitical tensions and wars in our region, our exports continue to grow. Based on annualized figures, our exports have approached $271 billion.”
He also highlighted Azerbaijan’s economic performance, noting growth of 4.1% in 2024.
Bilateral trade between the two countries reached $8 billion that year, with a modest decline afterward attributed to oil price movements and other factors, which he described as temporary.
“Our goal is to reach the $15 billion trade target set by our presidents. We firmly believe that we will achieve this together with our business communities. In this context, we expanded our preferential trade agreement with Azerbaijan and ensured its entry into force in 2024. We are also conducting studies to explore the possibility of signing a free trade agreement,” he said.
Yilmaz added that Turkish direct investment in Azerbaijan has reached around $18 billion, while Azerbaijani investments in Türkiye are nearing $21 billion. He emphasized that stronger reciprocal investment flows help create a more durable foundation for trade.
Concluding his remarks, he urged greater engagement from investors in both countries, saying: “Please invest more and cooperate more. Not only invest mutually but also carry out joint projects in third countries. This is our expectation and our call. Let us increase mutual investments and also undertake joint investments in other countries.”
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