Germany intends to develop cooperation with Azerbaijan

Germany intends to develop cooperation with Azerbaijan

Germany is interested in developing cooperation with Azerbaijan, the head of the German-Azerbaijani Chamber of Commerce, Florian Schroeder, said at the opening ceremony of the German-Azerbaijani business forum in Baku.

"Germany ranks as the world’s second-largest country in terms of exports, but the country exports to Azerbaijan less than Azerbaijan exports to Germany, so we intend to achieve growth in German exports," cited Schroeder as saying.

"All these companies invested $475 million in fixed assets in Azerbaijan, including $345 million in the non-oil sector. Trade turnover between the two countries by the end of 2014 amounted to $2.6 billion, and for the first 8 months of 2015 reached $1.5 billion," the head of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO), Rufat Mammadov, said, adding that Azerbaijan registered 183 German companies, and even more companies are operating on the basis of partnership.

Most of the trade turnover between two countries has been formed by export of oil and petroleum products from Azerbaijan, and therefore the expansion of investment in non-oil sector has been defined as a priority.