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Germany eyes investing on Azerbaijan’s railway projects

6 March 2021 11:20 (UTC+04:00)
Germany eyes investing on Azerbaijan’s railway projects

By Ayya Lmahamad

German companies are interested in investment in railway projects in Azerbaijan, German Ambassador Wolfgang Manig said during the meeting with Azerbaijan’s Railways Head Javid Gurbanov on March 4.

During the meeting, the ambassador noted Germany’s interest in expanding bilateral relations in this field.

Gurbanov briefed the ambassador on the changes recently implemented on the country's railroads, the work done in the framework of the establishment of international transport corridors and directions for further activities.

The parties discussed the role of the international transport corridor "North-South", its development strategy, passenger and freight traffic along the international transport corridor, and cooperation with member countries in this direction.

It was noted that the corridor would play an important role in the development of other countries in the region, which, by carrying out export-import operations along this route, would increase their trade turnover, and in general, expand economic relations.

Speaking on the ongoing tender for the purchase of works on renewal of the contact network of railroads, design and reconstruction of communication and signaling system and power facilities, Gurbanov noted that a German company is also participating in the tender.

Additionally, Azerbaijan Railways’ cooperation with world-renowned companies in Germany, Switzerland and Austria was noted.

The parties discussed the prospects and possible areas of cooperation.

It should be noted that the trade turnover between Azerbaijan and Germany amounted to $817.5 million in 2020. Of the total turnover, the export of Azerbaijani products to Germany amounted to $234.1 million, while import to $583.4 million. In addition, trade turnover between the two countries amounted to $92.8 million in January 2021.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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