German investments in Azerbaijan reach $496.9M
By Aygul Salmanova
The 7th meeting of the Azerbaijan-Germany High-Level Working Group addressing a number of issues including the current state of economic and trade relations between the two countries was held in Berlin on November 22.
The meeting was co-chaired by Azerbaijan's administration head at the Ministry of Economic Development of Azerbaijan Samir Valiyev and Eckhard Franz, Director-General for External Economic Policy, Federal Ministry for Economic Affairs and Energy.
The event also covered the issues concerning investments, industry, pharmacy, tourism, energy, oil and gas, education, business as well as export and import issues.
Co-chairman of the working group Valiyev said that political relations between two countries are developing. The visit of the President Ilham Aliyev to Germany in February this year is of great importance for expansion of ties, and the current level of political relations between the countries create favorable conditions for the expansion of economic cooperation, he added.
It was noted that currently more than 200 German companies operate in Azerbaijan and it invested $496.9 million into major capital of the country.
The work on establishing vocational education in accordance with the German model is being continued at the newly built vocational training complex in Sumgayit Chemical Industry Park.
About 300 entrepreneurs and young manager have been trained in Germany within the framework of the 2009-2017 cooperation program.
This year Azerbaijan's export mission visited Germany and the country was represented at the international wine exhibition "Prowein" in Germany and at the international food fair "Anuga" by the united country stand. It was noted that agreements signed during these events will contribute to trade turnover between the two countries.
Franz expressed his confidence that the issues discussed during the meeting would be important for the development of economic and trade relations between Germany and Azerbaijan and shared his views on prospects for expanding German economy and economic cooperation.
The meeting focused on the directions of development of Azerbaijani-German economic cooperation, as well as the activities of German companies in the occupied territories and a number of other issues.
At the end of the meeting, it was agreed to hold 8th meeting of the Working Group in Baku in fall 2018.
Diplomatic relations between Azerbaijan and Germany were established in February 1992.
Over the past two decades, the bilateral relations between Azerbaijan and Germany are developed into new heights and objectives. The exchange of official visits and extensive contact of the business community have played an important role towards transforming the bilateral relations between Baku and Berlin from formal and official diplomatic contacts into a strategic partnership that continues to flourish every day.
Azerbaijan’s trade turnover with Germany in January to June 2017 amounted to 715 million euros, 577 million euros of which accounted for the exports to Germany.
Although the main share of Azerbaijani exports accounts for oil and oil products, the country also considers Germany as a strategic market for the export of non-oil, in particular agricultural and industrial products. In turn, Azerbaijan imports pharmaceutical products, building materials, chemical products, equipment.
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