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.
