Germany invests over $75 million in Azerbaijan's economy in 2024

Germany's foreign direct investments (FDI) in Azerbaijan's economy amounted to $75.3 million in 2024.

The volume of German investments saw a significant increase, rising by 2.83 times, or $48.8 million, compared to the previous year, Caliber.Az reports per Central Bank of Azerbaijan.

Germany's share of the total foreign direct investment in Azerbaijan stands at 1.1%.

In total, Azerbaijan received $7.05 billion in foreign direct investments in 2024, marking a growth of 5.83% over the previous year.

This boost in foreign investment highlights the growing economic ties between the two countries.

Note that, Germany and Azerbaijan's economic ties have seen significant development, with Azerbaijan becoming Germany's largest trade partner in the South Caucasus. In 2020, Azerbaijan accounted for 65% of the total trade turnover between Germany and the region and was Germany's 9th largest crude oil supplier, exporting nearly 2.5 million tons of oil.

Key events, such as high-level mutual visits and business exhibitions in Germany, have fostered stronger economic cooperation. The German-Azerbaijani High-Level Working Group on Trade and Investments, established in 2011, plays a central role in advancing these relations, with meetings held in both countries over the years.

The German-Azerbaijani Chamber of Commerce, launched in 2012 in Baku, further strengthens these ties, supporting nearly 150 member companies. Additionally, Azerbaijan actively participates in international exhibitions in Germany to showcase its economic and tourism potential.

By Aghakazim Guliyev