Azernews.Az

BAKU - Azerbaijan is interested in expanding its economic cooperation with Germany, Azerbaijani Deputy Minister of Economic Development Niyazi Safarov said Monday as the two countries’ businessmen met in Baku to explore cooperation prospects.
Safarov told the 11th joint business forum that Azerbaijani-German economic relations have already reached a high level, but the forum taking place in the Azerbaijani capital aims to further expand economic and trade cooperation.
The deputy minister said about 100 companies with German capital are operating in the fast-growing South Caucasus republic. He said Azerbaijan was seeking to draw German investments to its non-oil sector, with vast potential available in a variety of sectors of the domestic economy including industries, tourism, agriculture and innovations.
Andreas Neumann, an official of the German Federal Ministry of Economics and Technology, said there was a solid foundation for the development of Azerbaijani-German economic cooperation. According to him, Azerbaijan possesses abundant natural resources and has a suitable location. Moreover, the country plays a special role in ensuring Germany’s energy security.
Neumann said the Germany-Azerbaijan trade turnover decreased in 2009 due to the world economic crisis. However, the figure began to rise again early this year. Bilateral trade increased 30 percent in January-April. By the end of 2010, commodities turnover between the two countries is projected to exceed 2 million euros.
According to Neumann, Germany imported 4.2 million tons of oil from Azerbaijan in 2009, which raised the resource-rich Caspian state to the sixth ranking among crude exporters to Germany.
Representatives of 18 German companies operating in construction, environmental protection technologies, renewable energy, food industry, agriculture, finance and banking sectors are attending the business forum, which will last till Friday.