Oct 11 2017 18:49
Elshad Aliyev
Views: 643

The visit to Germany by the President of Azerbaijan Ilham Aliyev at the beginning of June 2016, was a bold contribution to the development of relations between Azerbaijan and Germany, said Deputy Chief of Mission at German embassy Theresa Schonfeld, speaking at the German-Azerbaijani Business Forum in Baku.

She said that the Azerbaijani-German economic forum, which took place in Berlin last year ended with signing of various documents on cooperation between Azerbaijani and German companies.  This clearly indicates the great interest in deepening economic cooperation and expanding business relations between our countries, she added.

Germany and Azerbaijan enjoy close collaboration in energy security, agriculture, transport and other priority areas. Azerbaijan is now the leading power in the region. It has initiated and executed regional projects of major political and economic importance. Azerbaijan is therefore a crucial partner for Germany in the Southern Caucasus and our most important economic and trading partner in the region. Almost 200 German companies are already doing business in Azerbaijan and they have invested over $400 million in the country’s non-oil sector, Deputy Chief of Mission at German embassy Theresa Schonfeld said.

Speaking at the business forum, Azerbaijani Deputy Economy Minister Sahil Babayev said that that Azerbaijan's direct investments in Germany amounted to $120 million. He went on to say that as part of the mechanism to encourage investment, $1 billion were invested in the regions of Azerbaijan.

Head of the State Customs Committee Aydin Aliyev, addressing the event stressed that the cost of customs declaration of goods in Azerbaijan is one of the lowest in the world.

“If to compare with the Eurasian Economic Community (EurAsEC), from Kazakhstan to Belarus, the cost of accepting documents for customs declaration is $85, while in Azerbaijan the cost of electronic declaration is $17.6,” Aliyev said, adding that he is glad that Azerbaijan has completely switched to electronic declaration.

Today, German companies are showing interest in the free trade zone and industrial parks, being created in Azerbaijan.

Azerbaijan’s share in Germany’s trade turnover with the countries of the South Caucasus was around 70 percent in the first half of 2017, according to the German Federal Ministry for Economic Affairs and Energy.

Azerbaijan’s trade turnover with Germany in January to June 2017 amounted to 715 million euros, 577 million euros of which accounted for the exports to Germany.

Although the main share of Azerbaijani exports accounts for oil and oil products, the country also considers Germany as a strategic market for the export of non-oil, in particular agricultural and industrial products. In turn, Azerbaijan imports pharmaceutical products, building materials, chemical products, equipment.

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