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Turkish companies to invest $50m in Azerbaijan


Turkish companies are planning to invest $50 million to construct textile factories in Azerbaijan's liberated territories says TÜMKİAD (Turkish Association of Business People and Entrepreneurs). A MoU on the construction of textile factories was signed between TÜMKİAD and the National Confederation of Entrepreneurs of Azerbaijan.

TUMKIAD emphasized the construction of industrial plants and textile factories is envisaged as a priority in support program for Azerbaijan in this direction. Moreover, TÜMKİAD is engaged in many areas, but at the initial stage, it is planned to invest in the textile sphere. Earlier, Azerbaijani President had stated companies from friendly countries will take part in reconstruction works to be carried out in liberated territories. Large-scale construction work will be carried out but first, Azerbaijani companies will take part in this work.

The Azerbaijani government has allocated $1.3bn for reconstruction in the liberated territories in 2021. These funds will be used to restore the infrastructure, as well as cultural and historical monuments.