"The Turkey-Georgia-Azerbaijan cooperation format is a remarkable example of how neighbouring countries can use one another's potential to increase the wellbeing of their people”, said Georgia’s Economy Minister Giorgi Gakharia today, addressing hundreds of businessmen in attendance at the Georgia-Turkey-Azerbaijan Business Forum.

The trilateral meeting launched in Istanbul, Turkey today and was attended by the Economy Ministers of all three nations.

Gakharia said Georgia’s favourable investment conditions for Turkish and Azerbaijani investors have been of benefit to all parties involved in the country’s growing economy.

During the last five years the volume of investments from only these two countries [Azerbaijan and Turkey] in Georgia has reached $1.5 billion. As of today, numerous Turkish and Azerbaijani companies are represented on Georgian market and are successfully implementing important projects in different fields of [Georgian] economy”, said Gakharia.

The Forum was followed by meetings among businessmen where ideas for potential business expansion were discussed.

Georgia’s Economy Minister Giorgi Gakharia delivering his speech at the Business Forum in Istanbul. Photo by Georgia's Ministry of Economy.

Organised by Azerbaijan Export and Investments Promotion Foundation (AZPROMO) the fifth Turkey-Azerbaijan-Georgia business forum is an important forum for the boosting of cooperation among businessmen and overall relations between Georgia, Azerbaijan and Turkey.

The three countries are connected by several important regional projects, including the Baku-Supsa, Baku-Tbilisi-Ceyhan oil pipelines, the Baku-Tbilisi-Erzurum gas line and Baku-Tbilisi-Kars railway.

Being the top foreign investor of Georgia, Azerbaijan invested some $434 million in the economy of Georgia within the first three quarters of 2016, while Turkey invested $196 million, taking second place.

As for trade turnover between the three countries, Turkey is one of Georgia’s top trade partners. Trade turnover between the countries reached $1.52 million in 2016. Meanwhile, trade turnover between Georgia and Azerbaijan amounted to $648,849 last year.