Baku, Azerbaijan, Sept. 27
By Matanat Nasibova – Trend:
Azerbaijan and Germany have great potential for developing and intensifying economic cooperation, Azerbaijani Deputy Economy Minister Niyazi Safarov said.
Safarov made the remarks at the Azerbaijani-German business forum in Baku dedicated to the modernization of industry and infrastructure, Trend reports on Sept. 27.
He stressed that the volume of trade turnover between Azerbaijan and Germany has exceeded $1 billion since early 2019.
"The trade turnover between the two countries increased by 27 percent compared to last year,” Safarov said. “More than 70 cooperation documents have been signed between our countries, including those in the financial and technical field. The implementation of 14 twinning projects is under completion in Azerbaijan and another project is under implementation through Germany’s support.
“Presently, 154 German companies are working in Azerbaijan,” he said. Some $615 million has been allocated for the implementation of industrial projects, of which 90 percent account for the oil sector. Some 30 million euros has been allocated to implement nine projects related to industry and infrastructure."
The trade turnover between Azerbaijan and Germany increased by 61 percent and reached 1.4 billion euros in 2018. At the same time, the share of Azerbaijan among Germany’s partners in the South Caucasus amounted to 70 percent in 2018.