Members of the Independent Industrialists and Businessmen's Association (MUSIAD) in Azerbaijan have invested 61.3 million manats ($36 million) in the country's economy over the past three years, Rashad Jabirli, Chairman of the Board of MUSIAD Azerbaijan, told journalists, Report informs.

According to Jabirli, Türkiye ranks among the top countries in terms of foreign investment volume in Azerbaijan: "Nevertheless, there is still much work to be done for the development of economic relations."

Jabirli recalled that one of the main targets of the Shusha Declaration is to increase trade turnover between Türkiye and Azerbaijan to $15 billion. He noted that trade turnover between the two countries is continuously expanding, and the number of products receiving concessions under the supporting Preferential Trade Agreement has now reached 35.

The chairman of MUSIAD Azerbaijan noted that Turkish companies are interested in establishing businesses in Azerbaijan, but sometimes they cannot determine which areas to invest in, which complicates their activities: "At the same time, there are also financial issues. There are delays in payments between parties, and this is not one-sided; it occurs with both Turkish and Azerbaijani companies. This situation complicates the cooperation process and negatively affects the mutual work of the parties."

Jabirli considers cooperation between relevant government agencies and the private sector, and further strengthening of trade relations between the two countries important for solving these problems. He also emphasized the importance of improving the investment climate and expanding logistics capabilities in this area.