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Azerbaijan, Germany to set up joint chamber of foreign trade

Business Materials 5 July 2011 12:33
Germany and Azerbaijan are working on a Joint Chamber of Foreign Trade, Representative of the Federal Ministry of Economics and Technology Margit Steffel said at the 12th Azerbaijani-German Economic Forum on Tuesday.
Azerbaijan, Germany to set up joint chamber of foreign trade

Azerbaijan, Baku, July 5 / Trend A.Akhundov /

Germany and Azerbaijan are working on a Joint Chamber of Foreign Trade, Representative of the Federal Ministry of Economics and Technology Margit Steffel said at the 12th Azerbaijani-German Economic Forum on Tuesday.

"We are working to establish a joint chamber of foreign trade," Steffel said.

She said Germany participates in eight twinning projects implemented by the EU and Azerbaijan, and plans to participate in three more.

Head of the Azerbaijani Economic Development Ministry Apparatus Samir Veliyev said 29 documents exist between Germany and Azerbaijan in the economic field.

"To date, more than 60 specialists from Azerbaijan attended trainings in Germany under the agreement on the professional development of managers between the Federal Ministry of Economics and Technology and Azerbaijani Economic Development Ministry," Veliyev said.

He said Germany allocated 44 million euros to Azerbaijan under the technical cooperation agreement.

According to the Azerbaijani State Statistics Committee, the trade turnover between Azerbaijan and Germany amounted to $196.04 million in January-April.

"The figure grew by 68 percent compared to 2010, but the potential of trade relations between Germany and Azerbaijan are high while turnover will increase," Veliyev said.

He said German companies have invested over $200 million in Azerbaijan's economy.
The Azerbaijani and German Ministries signed a memorandum on trade and an investment working group during the Azerbaijani delegation's visit to Germany in May. This will allow for regular discussion of investment issues.

The business forum is organized by the Azerbaijan Foundation for Export and Investment Promotion (AZPROMO) and the Azerbaijani-German Association of Economic Aid (DAWF).

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