BAKU, Azerbaijan, October 13. Azerbaijan and Türkiye should move to a new stage of economic cooperation, entailing not only the development of bilateral trade but also a joint entry into other markets, Chief Commercial Counselor at the Turkish Embassy in Azerbaijan Gülizar Yavaş said during the fintech mission with the participation of representatives of Turkic states, organized by the Fintech Alliance of Turkic States (TURKFIN), in Baku on Tuesday, Trend's correspondent reports from the event.
According to her, doing business in Azerbaijan and other Turkic states requires taking into account the specific nature of trade relations and bilateral ties.
"When you arrive in Baku, just as with any other country, you examine the population size, gross domestic product, foreign trade indicators, and trade turnover volume. Based on this data, you form certain expectations regarding how business is conducted there. However, different economic mechanisms operate in Azerbaijan and a significant number of the Turkic republics. Therefore, when doing business in this region, it is essential to consider all these specific characteristics.
In the case of Azerbaijan, we see a market that plans to invest in various sectors in the near future, including efforts to reduce economic dependency. At the same time, it is a market with which relations have long been built upon joint activities across many spheres and a strategic partnership," she said.
Yavaş noted that doing business in Azerbaijan differs from operating in markets like Dubai or Germany, as bilateral relations are founded on close ties and mutual trust. According to her, the further development of cooperation requires a new approach, one where the parties not only conduct joint business within Azerbaijan but also grow together by expanding into other markets.
"We are indeed working together here, but our next steps require a fresh perspective. We need to move toward cooperation in other areas that go beyond the business methods employed to date," she announced.
Touching upon the development of the fintech sector, Yavaş noted that since last year, Azerbaijan has been visited by numerous representatives from Turkish companies specializing in payment systems, digitalization, digital services, and finance. She added that the frequency of such visits and the level of interest in Azerbaijan are steadily increasing.
"Major changes are taking place across all sectors globally. Problems in trade systems, logistics, and payment mechanisms are likely to intensify in the period ahead. Therefore, all countries need systems that facilitate the movement of funds while ensuring security," she emphasized.
The Baku Fintech Sector Trade Delegation Program, organized by the Fintech Alliance of Turkic States (TURKFIN), is taking place in Baku. Representatives from the fintech and payment sectors of Azerbaijan, Türkiye, and Kazakhstan are participating in the event.
The program addresses prospects for the development of digital payments in Turkic states, the harmonization of approaches to financial technology regulation, and new technological trends in payment systems.