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AHK Azerbaijan expects increase in machinery, equipment supply(Exclusive)

Economy Materials 14 December 2018 22:21 (UTC +04:00)

Baku, Azerbaijan, Dec. 14

By Sara Israfilbayova - Trend:

Currently, Azerbaijan is the largest and most important trade partner of Germany in the South Caucasus and the sixth largest supplier of crude oil to the country, Executive Director of the German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) Tobias Baumann told Trend.

“With the recent launch of the Southern Gas Corridor (SGC), Azerbaijan is also a key strategic partner of Germany and Europe in diversifying sources of energy supplies,” Baumann noted.

Coming to statistics, Baumann said, trade turnover between Azerbaijan and Germany recovered by around 80 percent in the first 10 months of 2018, amid higher oil prices and firming currencies, compared to the same period of 2017.

He stressed that the “Made in Germany” brand stands for high quality and enjoys an excellent reputation in the Azerbaijani market.

“Machinery and equipment remain the largest group of imported goods from Germany. We expect this demand to increase even further due to the fact that starting from May 2018 import of equipment to Azerbaijan in reconstruction of oil refineries is exempted from customs duties,” Baumann stressed.

In January-October 2018, trade turnover between the countries amounted to $1.21 billion, of which $678.9 million accounted for exports from Azerbaijan.

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