Monday, 02 August 2021 07:05 GMT

Azerbaijan, Turkey eye expanding co-op in agricultural insurance [PHOTO]

(MENAFN - AzerNews) By Ayya Lmahamad

Baku and Ankara will expand cooperation in the field of agricultural insurance, Azerbaijan’s Agrarian Insurance Fund Board Chairman Fuad Sadigov has said during the meeting with Turkey’s Agriculture Deputy Minister Fatih Metin.

During the meeting held in Baku, Sadigov noted that Turkey provided great support for the creation of agricultural insurance system in Azerbaijan.

According to the agreements signed between the Azerbaijani Agrarian Insurance Fund and the Turkish Agricultural Insurance Pool, the Turkish side actively participated in all stages of the agricultural insurance system creation in Azerbaijan.

Currently fourteen types of plants, dairy cattle and fishery are under agrarian insurance in Azerbaijan. Noting the interest of farmers in agricultural insurance, it was emphasized that insurance premiums collected during the first four months of the year exceeded AZN 1 million ($588.2M).

Likewise, it was stressed that further expansion of the list of insured plants and animals, as well as increasing the range of risks covered by insurance is planned on the near future.

Turkey and Azerbaijan will continue to support the exchange of experience in the system of agricultural insurance for the implementation of these innovations.

Azerbaijan and Turkey cooperate in various fields of economy. Eleven agreements were signed between the two countries within the Azerbaijani-Turkish business forum held in Ankara on February 18. The agreements envisage the development of Azerbaijani-Turkish cooperation in the economic, trade, and other spheres. 

In the first five months of the year, the trade turnover between Azerbaijan and Turkey amounted to $1.8billion. Of the total turnover, export amounted to $1.2 billion, while import was $660.4 million. The trade turnover between the two countries amounted to $4.1 billion in 2020.


Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz



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