Turkey announces incentives for Azeri exclave investments

IĞDIR - Anadolu Agency

Economy Minister Nihat Zeybekci has announced a series of measures to encourage investments in the Nakhchivan Autonomous Republic of Azerbaijan, including an incentive for Nakhchivan-based businesses to sell their products in Turkey without taxes.

Zeybekci was speaking at a news conference at Iğdır University, near the border with Nakhchivan in eastern Turkey, alongside his Azerbaijani counterpart Shahin Mustafayev and Nakhchivan Autonomous Republic Economy Minister Famil Seyidov.

“We will provide a one-sided generosity to allow Nakhchivan to sell more products to Turkey,” he said, adding that Turkey will buy several products from Nakhchivan “as if it is buying them from inside Turkey.”

“We will allow the purchase of 43 products from Nakhchivan as if it is trade from inside Turkish borders,” Zeybekci stated, adding that trade with Nakhchivan will be conducted in Turkish Liras.

A trade volume of $120 million is expected to be reached between Turkey and Nakhchivan with this move, Zeybekci also said.

According to an agreement reached between Turkey, Azerbaijan and the Nakhchivan Autonomous Republic, a trade volume worth $200 million will ultimately be targeted in the region.

The Nakhchivan Autonomous Republic is an exclave of Azerbaijan bordering Armenia, Turkey and Iran.