Azerbaijan, Germany eye expansion of export and investment potential

9 June 2016 12:54 (UTC+04:00)

By Nigar Abbasova

The Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and the German Committee on Eastern European Economic Relations have signed a memo on mutual understanding within the framework of Germany-Azerbaijan Business Forum held in Berlin, Germany.

The memo stipulates expanding joint export and investment opportunities, running joint educational events, business forums, fairs, symposiums, conferences as well as exchange of experience in the sphere of entrepreneurship between Azerbaijan and Germany.

The Committee on Eastern European Economic Relations which was established in 1952 is a joint organization of the leading associations representing German business. The Committee represents the interests of German business in Germany and in Russia, Central and Eastern Europe, South-East Europe, the Caucasian Republics and Central Asia.

Being a joint public-private-initiative, established by the Ministry of Economy and Industry of Azerbaijan in 2003 AZPROMO plays a role of a single body guiding foreign investors in their negotiations with all relevant government agencies and local entrepreneurs. Main objective of the company is to contribute to the economic development through attracting foreign investments in the non-oil sectors of economy and to stimulate expansion of country's exports of non-oil goods to the overseas markets.

Azerbaijan which is working to minimize its oil dependence and to diversify its economy is interested in the growth of non-oil sector of economy and increasing the volume of foreign investment in this field. Declines in oil prices have given new impetus for Azerbaijan’s long-running quest to diversify its economy and develop non-oil sector.

Germany is one of the principal partners of Azerbaijan, the volume of trade turnover between the countries in the last year amounted to $2 billion. The major portion of trade turnover figures fall to the share of industrial production. German exports to Azerbaijan, which amounted to $690 million in 2015, consist mainly of motor vehicles, iron and steel goods, machinery and production facilities.

--

Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

Follow us on Twitter @AzerNewsAz