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Germany hopes to finish Joint Chamber of Foreign Trade with Azerbaijan

Business Materials 5 July 2011 16:43

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

Germany hopes to finish work on the establishment of the Joint Chamber of Foreign Trade with Azerbaijan this year, Economics and Technology Federal Ministry Representative Margit Steffel told Trend today.

"We are working to establish the chamber," Steffel said. "We hope to create it this year, but it's hard to say whether we will have the time."

She said the establishment of the Joint Chamber of Foreign Trade will create conditions for increasing trade between the two countries.

"The chamber will support the companies within it, which will create the conditions for the growth of interest in German and Azerbaijani companies to trade with each other," she added.

According to the Azerbaijani State Customs Committee, the trade turnover between Azerbaijan and Germany amounted to $277.604 million in January-May. This exceeds the figure for the same period of 2010 by 66.61 percent.

To date, the German companies have invested over $200 million in Azerbaijan's economy.

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