Germany invests $556M in Azerbaijan’s economy draft

By Sara Israfilbayova

Wolfgang Buechele, Chairman of Germany’s Committee on Eastern European Economic Relations will visit Azerbaijan on February 12-14.

“During the visit to Baku, he will hold a series of meetings to discuss the expansion of economic cooperation between Azerbaijan and Germany,” said Executive Director of the German-Azerbaijani Chamber of Commerce at a meeting in Baku with Head of Administration of the Ministry of Economy Ayaz Aliyev in Baku.

During the meeting, issues of development of bilateral economic relations were discussed.

Aliyev noted that more than 200 German companies operate in Azerbaijan, adding that Germany’s investments in Azerbaijan’s economy totaled $556 million.

“In addition, a number of German companies operate as contractors in various projects,” Aliyev stressed.

In turn, Baumann expressed his vision regarding acquaintance with the regions of Azerbaijan, and establishing ties between German companies and enterprises operating in the territory of Azerbaijan.

Moreover, Azerbaijan will take part in the International Trade Fair for Fruit and Vegetable Marketing “Fruit Logistica”, to be held in Berlin on February 7-9.

The trade turnover between the countries amounted to $500 million during January-August 2017.

Germany recognized independence of Azerbaijan on January, 12 1992. The diplomatic relations were established on February 20, 1992.

Germany is among Azerbaijan’s top five most important trading partners. The major portion of trade turnover figures fall to the share of industrial production. German exports to Azerbaijan consist mainly of motor vehicles, iron and steel goods, machinery and production facilities.



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