German business delegation visits Azerbaijan

A meeting was held with German businessmen at the Ministry of Economy, providing information on business and investment opportunities in Azerbaijan.

The business delegation led by Michael Harms, Managing Director of the German Eastern Business Association, is on an official visit to Azerbaijan.

The Minister of Economy, Mikayil Jabbarov, institutions under the Ministry, management from Azerbaijan Investment holding, German Ambassador to Azerbaijan Ralf Horlemann, Managing Director of the German Eastern Business Association, Michael Harms, and German business representatives participated at the meeting hosted by the Ministry of Economy.

It was noted at the meeting that Azerbaijan offers a favorable investment environment for international partners, including German companies, and the successful history of cooperation between the two countries encourages the development of relations across various sectors.

The visit of a large delegation of German companies interested in cooperation in industry, construction, renewable energy, agriculture, transport, logistics, ICT, finance, law, consulting, and other fields is the result of the recent meeting held by the President of the Republic of Azerbaijan with business representatives during his visit to Germany, and this process is expected to play a key role in strengthening economic and trade relations between the two countries.

It was also mentioned that Azerbaijan attaches great importance to the development of economic, trade and investment cooperation with Germany. The trade turnover between the two countries in 2023 increased by 45.4%, reaching USD 1.8 billion. About 180 German companies are successfully operating in Azerbaijan at the moment. It is commendable that today's delegation includes representatives of those companies as well.

The event also featured a presentation about Azerbaijan's economy, business and investment climate. It was emphasized that the non-oil economy and non-oil exports are increasing every year as a result of continuous economic reforms. The macroeconomic stability in Azerbaijan, the creation of a strategic framework for public debt management, and the development of human capital further expand the economic opportunities of the country. The guests were also briefed about the reforms implemented in Azerbaijan in various fields, including taxation and customs.

Projects implemented for the development of renewable energy in Azerbaijan, in particular the partnership between the European Union and Azerbaijan in the field of energy, were highlighted too. The importance of the strategic document concluded between Azerbaijan and the EU in the field of energy as well as the quadripartite memorandum signed between Azerbaijan, Georgia, Romania and Hungary on the  Black Sea underwater cable project was also acknowledged.

German business representatives were briefed on Azerbaijan’s initiatives and involvement in international and regional transport and logistics projects and the opportunities created by the Middle Corridor. Information about the favorable investment environment created for entrepreneurs in the industrial zones, including the Alat Free Economic Zone, and the incentives offered to residents were also shared. It was noted that the increase in logistics and transport capabilities of Azerbaijan opens wide opportunities for the activities of German companies in this country.

Attention was drawn to Azerbaijan’s contribution to regional cooperation. It was stated that Azerbaijan cooperates efficiently with the participant states of the UN Special Program for the Economies of Central Asian Countries (SPECA) on various platforms, and signed free trade agreements with a number of countries to facilitate economic and trade relations. The successfully implemented Preferential Trade Agreement successfully implemented with Turkey serves as an example in this respect.

The meeting also expressed satisfaction with the activities of German companies in Azerbaijan, noting that Azerbaijan is an attractive destination for direct investments of German companies, and Azerbaijan’s expanding transport and logistics capabilities continue to create new opportunities for German companies.

Hosting of the 29th Conference of the Parties to the UN Climate Change Convention in Azerbaijan is an indicator of Azerbaijan’s commitment to the development of the green economy and addressing global problems.

In conclusion, the representatives of German companies and institutions presented their proposals and expressed their interest in participating in various sectors of the economy in Azerbaijan, as well as in public-private partnership projects, including the restoration and construction works carried out in the territories liberated from occupation.

Visits by German businessmen to the Alat Free Economic Zone and Baku International Sea Trade Port are also planned.

https://economy.gov.az