Türkiye is ready to engage in all forms of cooperation with Azerbaijan on renewable energy investments and the green transition, Vice President Cevdet Yılmaz said on Tuesday.
"By strengthening our cooperation through the power of unity, we can turn the challenges facing our region into opportunities," Yılmaz told the Azerbaijan-Türkiye Investment Forum held in Baku.
The remarks came a day after the close allies signed the 12th Joint Economic Commission (JEC) protocol, which includes a 110-point action plan covering fields such as energy, trade, investments and tourism.
Yılmaz said on Tuesday that Türkiye is closely following Azerbaijan's transformation in the energy sector, where it plays a significant role both regionally and globally, adding that fossil fuel usage will gradually decline and energy policies based on them will change.
"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 Yılmaz.
"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," he added.
Stressing that advancing commercial and economic relations is a historical responsibility shaped by current favorable conditions, Yılmaz said: "Our goal is a strong Türkiye, a strong Azerbaijan, and a prosperous region where peace and stability prevail."
"Our political stability is the greatest assurance for our esteemed business community. The friendship and brotherhood between our presidents, (Türkiye's) Recep Tayyip Erdoğan 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," he added.
Yılmaz said Türkiye's economy has expanded for 21 consecutive quarters, with growth coming in at 3.7% in the first nine months of the year, despite a 6% contraction in agriculture due to frost and drought, adding that the country's GDP, which stood at $238 billion in 2002, is expected to exceed $1.5 trillion this year.
Per capita income is projected to rise above $17,000 to approach $18,000, placing Türkiye in the World Bank's high-income country category for the first time, Yılmaz explained. According to IMF projections, Türkiye is expected to rank as the world's 16th-largest economy by nominal GDP and 11th by purchasing power parity.
Highlighting that Türkiye continues to break export records, Yılmaz 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."
Pointing to Azerbaijan's strong economic performance, with a growth rate of 4.1% in 2024, he said bilateral trade between Türkiye and Azerbaijan reached $8 billion in 2024, with a "slight decline this year due to developments in oil prices and other factors, but this will be 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.
Also speaking at the event, Trade Minister Ömer Bolat said trade volume increased from $2.6 billion in 2016, adding that the goal was to make mutual trade a top priority for both countries.
Yılmaz stated that direct investments from Türkiye to Azerbaijan have reached approximately $18 billion, while investments from Azerbaijan to Türkiye have approached $21 billion, emphasizing that stronger mutual investments create a more solid and stable foundation for trade.
Addressing the forum, Azerbaijani Prime Minister Ali Asadov said expanding economic and trade ties with Türkiye was among their priorities.
"We are committed to maintaining steady mutual investments," Asadov noted.
Calling on investors from both countries, Yılmaz said, "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."
On Monday, he cited increasing cooperation between state-owned Turkish Petroleum Corporation (TPAO) and Azerbaijan's state energy company SOCAR, the opening of the Iğdir-Nakhchivan Natural Gas Pipeline, the agreement they reached for state-run energy company BOTAŞ, SOCAR and TPAO to conduct joint activities in third countries, the Green Electricity Transmission and Trade Project, and the Nakhchivan Interconnection Project.
Asadov highlighted economic reforms, reconstruction efforts in Karabakh and free trade zones, calling on Turkish businesspeople to take a more active role in Azerbaijan.
Bolat stressed Azerbaijan's strategic role as a key transit hub, arguing that the Zangezur Corridor and the Middle Corridor would significantly enhance regional and global trade.
"With the Zangezur Corridor, which we expect to be completed soon, Türkiye will have rapid access to Central Asia and the Far East," he said. "Likewise, the Middle Corridor, passing through Azerbaijan and Türkiye, will have an accelerating effect on global trade."
Hüseyin Büyükfırat, head of the Türkiye-Azerbaijan Businessmen and Industrialists Union, described the Zangezur Corridor as a strategic project that would strengthen trade, connectivity and long-term prosperity across the region.
The forum saw SOCAR conclude a deal to buy Gama Enerji's natural gas power plant in the central Turkish province of Kırıkkale for $225 million.
SOCAR already owns the Petkim petrochemical complex and the STAR oil refinery in Türkiye, and the acquisition further expands the company's footprint in the country's energy sector.
Türkiye is also a key transit hub for Azeri oil and gas exports to Europe via the Trans-Anatolian Natural Gas Pipeline (TANAP).
The agreement was signed in Baku during the Azerbaijan-Türkiye Investment Forum by SOCAR President Rovshan Najaf and Gama Enerji Chairperson Ahmet Özman.
The Iç Anadolu natural gas combined cycle plant, with an installed capacity of 870 megawatts, began operations in 2016.
