Azerbaijan remains South Caucasus’ largest economy, says German official

Azerbaijan remains the largest economy in the South Caucasus and continues to show strong economic growth, Julia Egel, Head of Stakeholder Relations and Partnerships at the German-Azerbaijani Chamber of Commerce (AHK Azerbaijan), said.

Speaking during a webinar titled “Development of Infrastructure, Electromobility and Renewable Energy Storage Solutions in Azerbaijan,” Egel noted that information and communication technologies (ICT), tourism and transport continue to serve as the key drivers of the country’s non-oil and gas sector, Caliber.Az reports via local media.

She also pointed to the high degree of digitalisation across Azerbaijan’s economy and the continued expansion of freight and passenger transportation.

“A stable macroeconomic environment in the republic creates favorable conditions for implementing investment projects and enabling foreign players to enter the local market. 

Amid the transformations taking place in the country's energy sector, the need for modern technological solutions is growing. Particularly high demand is being observed for German technologies and innovations in digitalization, as well as projects in the renewable energy segment, where German companies have extensive experience and are ready to provide the relevant equipment,” Egel said.

By Jeyhun Aghazada