Azerbaijan eyes integration into European value chains

18 December 2020 14:15 (UTC+04:00)

By Ayya Lmahamad

Strengthening Azerbaijan’s integration into European value chains was discussed during an online meeting on “Eastern Partnership: Business Days” that was held in online format under the German chairmanship of the Council of the European Union.

Deputy Economy Minister Rovshan Najaf briefed the participants on the meeting on favorable business and investment environment created as a result of systematic and consistent reforms in Azerbaijan. In addition, he noted the measures done in the country to attract foreign investments.

Touching upon the negative consequences of the coronavirus pandemic, he underlined that in addition to protecting health of citizens, the relevant Action Plan was approved to reduce the impact of the pandemic on the national economy.

Moreover, it was noted that according to the Action Plan, measures are being taken to provide financial support to entrepreneurs and employees working in the affected areas, to protect jobs and to strengthen social protection.

Furthermore, addressing the event, Azerbaijan Ambassador to Germany Ramin Hasanov noted that Azerbaijani-German trade and economic relations are developing and mutual investment cooperation is carried out.

Likewise, he noted that there is great potential for cooperation between the two countries in trade, investment, tourism and other areas.

Additionally, the acting head of AZPROMO, Yusif Abdullayev briefed the participants on the work done by AZPROMO to expand relations with foreign partners.

The parties also exchanged views on strengthening relations among businessmen.

Earlier in November this year, opportunities for cooperation in the field of renewable energy and identification of priority areas in this direction between Azerbaijan and Germany was discussed during an online meeting between the Azerbaijan Energy Ministry and German Energy Agency. In addition, Azeraluminium LLC, a subsidiary of Azerbaijan Industrial Corporation OJSC and German Achenbach Buschhütten company have signed a preliminary agreement on further expansion of aluminum production in Azerbaijan.

It should be noted that the trade turnover between Azerbaijan and Germany amounted to $697.7 million during the period of January- October 2020. Of total turnover, export amounted to $229.5 million, while import to $468.1 million.


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

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