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Azerbaijan, Germany eye economic partnership

Azerbaijan, Germany

Azerbaijan’s German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) will expand its activities to develop partnership with Germany, AHK Azerbaijan Chairman of Board Farid Isayev has said.

Isayev made the remark during a videoconference on the presentation of the report “Foreign Business in Azerbaijan: Business Environment Review 2020” organized with the support of Economy Ministry, the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and the Germany-Azerbaijani Chamber of Commerce.

During the meeting, Azerbaijan Economy Minister Mikayil Jabbraov noted that Azerbaijan attaches great importance to the development of cooperation with Germany.

The minister emphasized the great potential for effective investment cooperation between the two countries, the expansion of bilateral relations, the activities of the Azerbaijan Investment Holding and the importance of increasing mutual investment.

Underlining Azerbaijan’s victory and the liberation of its lands, Jabbarov invited foreign investors to cooperate in projects to be implemented in the liberated territories.

It was noted that the “Foreign Business in Azerbaijan: Business Environment Review 2020” report published by the AHC Azerbaijan in cooperation with KPMG Azerbaijan, aims to identify and analyze the impact of the pandemic on the economy, and is a useful platform to assess institutional reforms in order to minimize adverse effects. According to this report, presented during the meeting, foreign investors stressed the political and macroeconomic stability in Azerbaijan, and 69 percent of respondents assessed positively the tax reforms in the country. It should be noted that the report is based on the results of a business environment survey conducted among the representatives of foreign businesses operating in Azerbaijan.

It should be noted that trade turnover between the two countries amounted to $697.7 million during the period of January-November 2020. Of the total turnover, the export of Azerbaijani products to Germany amounted to $229.5 million, while import to $468.1 million.

The German-Azerbaijani Chamber of Commerce (AHK Azerbaijan), as the official representative of the German economy in Azerbaijan, provides information services and supports companies in their market and business research since 2012. The AHK Azerbaijan emerged from the German-Azerbaijan Business Association (DAWF) founded in 1999. With more than 140 member companies (as of April 2020), the AHK Azerbaijan is the most powerful European economic association in Azerbaijan.

By Ayya Lmahamad

About Fidan Abdullayeva