Türkiye’s Zorlu Holding has signed a memorandum of understanding (MoU) with Azerbaijan’s Ministry of Economy to implement new investment projects across several sectors, including the textile industry, further strengthening economic cooperation between the two countries.
The agreement was signed on 18 June and establishes a framework for Zorlu Holding to invest in multiple areas of Azerbaijan’s economy, while the Ministry of Economy will provide institutional support to facilitate the implementation of the projects.
Textile Among Key Investment Sectors
According to Azerbaijan’s Ministry of Economy, the new cooperation platform is expected to encourage investments in a range of industries, with textiles identified as one of the strategic sectors.
Azerbaijan’s Economy Minister Mikayil Jabbarov said the agreement creates additional opportunities to expand investment partnerships between the two countries and will contribute to strengthening bilateral economic relations.
He added that the planned investments are expected to generate new employment opportunities while promoting the adoption of modern technologies across the targeted industries.
Jabbarov also emphasized that the strong political and economic ties between Azerbaijan and Türkiye have created favorable conditions for Turkish companies operating in Azerbaijan, noting that Türkiye remains one of the country’s largest foreign investors.
The agreement follows a series of initiatives aimed at deepening Azerbaijani-Turkish cooperation. In February, the two countries signed 11 cooperation agreements during the Azerbaijani-Turkish Business Forum in Ankara covering trade, investment and other economic sectors.
In June, the presidents of Azerbaijan and Türkiye also signed the Shusha Declaration, establishing an allied partnership and reinforcing long-term economic and strategic cooperation.
The two governments have set a target of increasing bilateral trade to US$15 billion. During the first five months of the year, trade between the two countries reached US$1.8 billion, including US$1.2 billion in exports and US$660.4 million in imports.
Türkiye has also expressed its commitment to participating in the reconstruction and economic development of Azerbaijan’s liberated territories, further expanding investment opportunities for Turkish companies.
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