Azerbaijan, Baku, July 19 / Trend I.Khalilova /
German-Azerbaijani economic relations are thriving, and the two countries will discuss future trade and economic cooperation at the Eleventh Joint Economic Forum in Baku, Azerbaijani Deputy Economic Development Minister Niyazi Safarov said today.
"The forum's main aim is to discuss the prospects of Germany-Azerbaijan cooperation," he said. "The forum presents the country's investment and business opportunities and achievements."
Safarov also praised the foreign trade between the two countries.
"We are interested in attracting German investments to the non-oil sector, as Germany is a very developed country from an economic point of view," he added.
Head of the German Embassy's Economic Department Peter Ziegler expressed hope that the business forum will increase the potential for cooperation with Azerbaijan - a country that has shown economic stability even during the global financial crisis.
Ziegler said the funds accumulated by the State Oil Fund of the Azerbaijan Republic could be a reliable financial source for Azerbaijan's future development. The country's strategic reserves reached $25 billion thanks to the fund's effective operation.
"The launch of the Azerbaijan-EU negotiations on an association agreement also shows the high level of relations with Azerbaijan," Ziegler said. "The new partnership will create conditions for investment."
The German Economy and Technology Ministry's Economic Cooperation with CIS Countries Department head, Andreas Neuman, said Germany is interested in expanding cooperation in trade and oil, as well as alternative energy.
Trade turnover fell between Germany and Azerbaijan in 2009, but "this year we have observed a growth and foreign trade turnover grew by 30 percent in the four months," Neuman said.
"Germany is prepared to support Azerbaijan to diversify the economy," she said. "In this regard, trade turnover between Germany and Azerbaijan should exceed 2 billion euro in 2010."
Azerbaijan's role as an energy exporter for Germany is also increasing. Last year, Germany imported 4.2 million tons of Azerbaijani oil. Today, Azerbaijan ranks sixth among oil exporters to Germany.
The German Federal Ministry of Economics and Technology sent a delegation to Baku to participate in the forum.The delegation includes representatives of 18 German companies specializing in construction, technology, the environment, renewable energy, food technology, agriculture, and banking and finance.