Germany invests $760M in Azerbaijan’s economy
Baku, Azerbaijan, Oct. 1
By Maksim Tsurkov - Trend:
Azerbaijan holds one of the leading positions in the CIS in terms of foreign investment volume per capita, the head of an office of the Azerbaijani Ministry of Economy and Industry Samir Valiyev said at the fourth meeting of the Azerbaijani-German High Level Working Group on Trade and Investment in Baku on Sept. 30, the ministry reported.
While delivering a speech at the meeting, Valiyev stressed the successful development of relations between Azerbaijan and Germany.
He said that Azerbaijan and Germany regularly hold negotiations on financial and technical cooperation and joint implement the projects in the field of trade and investments. These are important indices of fruitful cooperation.
"Around 177 German companies operate today," he said. "As the contractors, they participate in the ongoing projects in our country. The total amount of Germany's investments in Azerbaijan's economy is approximately $ 760 million. A positive dynamics is observed in the trade turnover between the countries for 2013."
As of 2013, the trade turnover between Azerbaijan and Germany increased by 25 percent to $ 2.2 billion. The trade relations between the two countries increased by 15 percent in January-July 2014.
"Azerbaijan created all conditions for maintaining macroeconomic stability, sustainable economic development and ensuring a favorable investment and business sphere," he said.
"Over $174 billion investments were made in the country's economy during the period of Azerbaijan's independence," he said. "A half of this amount accounted for foreign countries. Azerbaijan holds one of the leading positions in the CIS in terms of the foreign investment volume per capita."
"Azerbaijan has already become an exporter of capital," he said. "The country's GDP has increased by 3.2 times, investments - 6.5 times, foreign trade turnover - by 6.6 times for the last 10 years."
The head of the German delegation, the Director of the Main Department for Foreign Economic Policy of the Federal Ministry of Economics and Technology of Germany Karl-Ernst Brauner expressed confidence that the issues discussed as part of the meeting, will have an effective influence on the development of trade and economic relations between Azerbaijan and Germany.
The sides discussed the current state of economic and trade relations between Azerbaijan and Germany; the work conducted following the last meeting, as well as cooperation in such areas as investments, energy efficiency and renewable energy sources, environmental protection, implementation of twinning projects, the opportunity of German companies' participation in the Azerbaijani industrial parks, Azerbaijani doctors' practice in German hospitals, and local managers' participation in refresher courses in Germany. They came to an agreement on several issues.