Azernews.Az

By Gulgiz Dadashova

Prospects for expanding the cooperation between Azerbaijan and Germany's Commerzbank in the non-oil sector, particularly in supplying agricultural equipment and increasing productivity, were a key topic in the discussions held in Baku.

Chairman of the Board of Managing Directors of Commerzbank AG, Martin Blessing, who met with Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov during his visit to Baku on Wednesday, voiced the bank's intention to develop its relations with Azerbaijan.

Briefing the participants about the successful development of the Azerbaijani economy, including the banking sector, Rustamov also highlighted the potential for enhanced cooperation in the area of ​​economic diversification and development of the non-oil sector.

In the backdrop of the post-crisis period, Azerbaijan's non-oil sector managed to maintain dynamic development in 2012. The country recorded a 9.7 percent growth rate in the non-oil sector and its share in GDP reached 52.7 percent.

This is the most important indicator posted in recent years, as the government's long-term goal is to diversify the domestic economy and to minimize its dependence on oil and gas in the future. Currently, revenues from oil and gas resources of the country are directed to the development of the non-oil sector of the economy - the creation of industrial production, the increase in GDP per capita, etc.

The meeting also focused on assessment of the banking sector of Azerbaijan, the latest trends and prospects, and Commerzbank's relations with local banks.

The sides also mulled the directions of future cooperation in the development of Azerbaijan's banking sector.

In November, the head of Commerzbank's office in Azerbaijan Johann Engbrecht said Commerzbank may participate in financing projects to transport Azerbaijani gas to Europe.

"We will be ready to participate in financing the Trans-Anatolian Gas Pipeline (TANAP) and other projects on Azerbaijani gas transportation in case of a need for investments. However, the issue is still to be discussed," he said then.

Commerzbank cooperates with 22 leading Azerbaijani banks [of the 43 banks operating in the country], each of which serves its clients operating in international markets.

The bank obtained a license from the CBA to open a representative office in Baku in November 2007. The main task of the bank is to promote German investments in Azerbaijan and vice versa.

Commerzbank was founded in 1870 in Hamburg. The bank has a strong international presence, running offices in 50 countries around the world.