Germany invests up to $500 million in Azerbaijan’s capital

Minister of Economy and Industry Shahin Mustafayev has received delegation lead by the chairman of the Board of the German-Azerbaijani Forum Hanns-Eberhard Schleyer.

According to the Ministry, the visit will last till September 4.

Speaking about successful economic relations between Azerbaijan and Germany, Mustafayev said that 67 documents have been signed so far. For the present, 177 German companies operate in service, trade, construction, industry, bank, insurance and agricultural spheres. In 2002-2013, Germany invested up to $500 mln in the main capital. Trade turnover between two countries rose 256% in 2013, 15% in January-July.

Germany ranks 4th among Azerbaijan’s trade partners. German-Azerbaijani Chamber of Commerce established in 2012 in Baku is the second chamber in the CIS place and plays an important role in the extension of trade links.

Informing about the activity of the German-Azerbaijani Forum, Hanns-Eberhard Schleyer stressed that the organization contributes to development of the relations between Germany and Azerbaijan.

Thereafter, presentations on business and investment opportunities of the country were held by Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and industrial park by Sumgayit Chemical Industry Park. (News.Az)