Azerbaijan urges German companies to make investments

    ECONOMICS  27 February 2024 - 20:04

    A business delegation led by Executive Director of the Eastern Committee of the German Economy Michael Harms is on a business visit to Azerbaijan.

    Azerbaijani Economy Minister Mikayil Jabbarov, the leadership of the agencies under the ministry and the Azerbaijan Investment Holding, German ambassador to Azerbaijan Ralf Horlemann, Executive Director of the Eastern Committee of the German Economy Michael Harms and German businessmen attended the meeting with the German delegation at the Azerbaijani Economy Ministry, according to Caliber.Az.

    The sides stressed during the meeting that Azerbaijan has a favourable investment environment for the activity of international partners, including German companies, and that successful cooperation experience stimulates the development of relations in various sectors of the economy.

    The visit of a big delegation of German companies interested in cooperation in industry, construction, renewable energy sources, agriculture, transport, logistics, ICT, finance, law, consulting and other spheres to Azerbaijan is the result of meetings between the Azerbaijani President and business circles during the visit to Germany and will play an important role in the development of trade and economic relations.

    Azerbaijan attaches great importance to the development of trade, economic and investment cooperation with Germany. The trade turnover between the countries increased by 45.4 per cent in 2023, amounting to $1.8 billion. Currently about 180 German companies are successfully operating in Azerbaijan.

    The event participants were informed about the Azerbaijani economy, business and investment environment. The non-oil economy and export of non-oil products are increasing from year to year as a result of the ongoing economic reforms.

    Azerbaijan’s macroeconomic stability, the creation of a strategic framework for managing public debt, and the development of human capital expand the country’s economic opportunities. The event participants were informed about the ongoing reforms in the country in various spheres, including taxes and customs.

    The renewable energy development projects which are implemented in the country were discussed, and the energy partnership between the European Union and Azerbaijan was emphasised during the meeting. The importance of the strategic document on energy signed between Azerbaijan and the EU, as well as the quadripartite memorandum on the project of laying an electric cable along the bottom of the Black Sea signed by Azerbaijan, Georgia, Romania and Hungary was stressed.

    The German businessmen were informed about international and regional transport and logistics projects, the author and participant of which is Azerbaijan, as well as the opportunities created by the Middle Corridor. The businessmen were informed about the favourable investment climate created for entrepreneurs in industrial zones, including the Alat Free Economic Zone, and benefits for residents. Azerbaijan’s numerous logistics and transport capabilities open up wide opportunities for the activity of German companies in Azerbaijan.

    Azerbaijan’s importance and contribution to regional cooperation was stressed. Azerbaijan effectively cooperates on various platforms with the member states of the UN Special Programme for the Economies of Central Asia – SPECA. The free trade agreements signed with several countries simplify economic and trade relations. The Preferential Trade Agreement between Azerbaijan and Türkiye is a successful example.

     The satisfaction was also expressed with the activity of German companies in Azerbaijan. Azerbaijan is an attractive country for making direct investments. The further expansion of transport and logistics capabilities creates additional prospects for German companies.

    The holding of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Azerbaijan shows Azerbaijan’s importance attached to the development of a green economy and solving global problems.

    In conclusion, the representatives of German companies voiced their proposals and expressed interest in participating in various sectors of the Azerbaijani economy, as well as public-private partnership projects, including restoration and construction work in the Azerbaijani territories liberated from occupation.

    The German businessmen are expected to visit the Alat free economic zone and the Baku International Sea Trade Port.


    Subscribe to our Telegram channel

Read also

Azerbaijan, Moldova mull prospects for expanding cooperation PHOTO

12 April 2024 - 10:37

OPEC maintains oil demand growth forecast for 2024-2025

11 April 2024 - 18:44

WB announces inflation forecast in Azerbaijan until 2027

11 April 2024 - 18:29

WB renews economic growth forecasts in Azerbaijan

11 April 2024 - 17:00

ADB forecasts Azerbaijan's inflation to reach 6.5% in 2025

11 April 2024 - 14:03

Kazakhstan and Azerbaijan: Bridging the water gap Article by Eurasianet

11 April 2024 - 11:45
Latest news

    Iranian media confirms IRGC's seizure of Israeli-linked ship near Strait of Hormuz


    13 April 2024 - 16:31

    Ukraine starts building first US-design nuclear reactors

    13 April 2024 - 16:20

    President Biden's son Hunter loses bid to dismiss gun charges

    13 April 2024 - 16:09

    Peace with Azerbaijan only survival formula for Armenia

    Expert opinions on Caliber.Az

    13 April 2024 - 15:57

    Azerbaijan explores cooperation with UNESCO

    Foreign Minister meets Egypt's candidate

    13 April 2024 - 15:46

    Armenian Army faces criticism amidst allegations of mismanagement

    13 April 2024 - 15:24

    US sets deadline for consideration of draft aid package to Ukraine

    13 April 2024 - 15:13

    This Eid, Muslims in India face repression, erasure of their cultural identity

    Article by Middle East Eye

    13 April 2024 - 14:57

    11 passengers shot dead in southwestern Pakistan

    13 April 2024 - 14:40

    How France supports terror

    Strategy of destruction and manipulation

    13 April 2024 - 14:31

    Diplomat refutes allegations that China sends weapons to party in Ukraine conflict

    13 April 2024 - 14:29

    Türkiye eliminates 4 more PKK terrorists in northern Iraq


    13 April 2024 - 14:18

    Israel fires further airstrikes at Hezbollah targets in southern Lebanon

    13 April 2024 - 14:02

    Iran readies 100 cruise missiles for possible Israel strike, US says

    13 April 2024 - 13:51

    New Caledonian anti-French protest uses Azerbaijan's "Iron Fist" as programme logo


    13 April 2024 - 13:40

    Russian military trainers arrive in Niger as African country pulls away from US

    13 April 2024 - 13:29

    128 stranded midair rescued after cable car accident in Türkiye


    13 April 2024 - 13:18

    Russia conducts test launch of intercontinental ballistic missile

    13 April 2024 - 13:07

    Armenian provocateurs to face justice for border incident

    Acknowledgment marks positive turn in ties with Azerbaijan

    13 April 2024 - 12:56

    Sydney police say 6 dead after shopping mall stabbings

    13 April 2024 - 12:45

    All power units of Zaporizhzhya NPP put in "cold shutdown" state

    13 April 2024 - 12:34

    Israel changes entry rules

    13 April 2024 - 12:23

    Kazakh leader calls for swift peace treaty between Baku, Yerevan

    13 April 2024 - 12:19

    US sees Iran moving military assets including drones and cruise missiles

    13 April 2024 - 12:12

    Kazakh President to pay official visit to Armenia

    13 April 2024 - 12:01

    What are Iran’s missile and drone capabilities?

    Analysis by The Times of Israel

    13 April 2024 - 11:50

    Armenian pundit warns "sea to sea Armenia" could provoke war with neighbors

    13 April 2024 - 11:39

    US bans imports of Russian aluminum, copper and nickel — US Treasury

    13 April 2024 - 11:29

    Karabakh, renewable energy take priority in national development strategy

    Azerbaijan's energy renaissance

    13 April 2024 - 11:18

    Azerbaijan clears Khankandi from Armenian weapons

    13 April 2024 - 11:07

    US says China is boosting Russia's war machine in Ukraine

    13 April 2024 - 10:56

    Georgian President calls ruling party a "Russian dream"

    13 April 2024 - 10:45

    US expects Iran to carry out direct attack on Israel

    As Biden warns "don’t"

    13 April 2024 - 10:34

    Media: Pashinyan withholds details of Brussels meeting from fellow MPs

    13 April 2024 - 10:24

    Armenia pinning hopes on German mediation

    European analyst says

    13 April 2024 - 10:17

    Zelenskyy: To stay or not to stay?

    Ukraine leader's legitimacy expires on May 20

    13 April 2024 - 10:01

    Iran warns US to stay out of fight with Israel or face attack on troops

    13 April 2024 - 10:00

    Serious road accident in Armenia kills 4 soldiers, injures dozens

    13 April 2024 - 09:53

    Iranian president: Hegemonic powers striving to divide Tehran-Islamabad amicable ties

    13 April 2024 - 09:41

    Azerbaijani Army positions targeted by Armenian fire in Tovuz region

    13 April 2024 - 09:30

All news