German business delegation on business trip to our country

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

A business delegation led by Michael Harms, managing director of the German Eastern Business Association, is on a business trip to our country.

Minister Mikayil Jabbarov, management of the institutions under the Ministry and Azerbaijan Investment Holding, German Ambassador to Azerbaijan Ralf Horlemann, Michael Harms, managing director of the German Eastern Business Association, and German business representatives participated at the meeting with the German delegation at the Ministry of Economy.

It was pointed out at the meeting that there is a favorable investment environment for the activities of international partners, including German companies, in Azerbaijan, and the successful experience of our cooperation stimulates the development of relations in various areas of the economy. The visit of German companies interested in cooperation in industry, construction, renewable energy, agriculture, transport, logistics, ICT, finance, law, consulting and other fields to our country with a large delegation is the result of the meeting held by the President of the Republic of Azerbaijan with business circles within the framework of his visit to Germany, and economic and trade will play an important role in the development of our relations.

It was mentioned that Azerbaijan attaches great importance to the development of economic-trade and investment cooperation with Germany. The trade turnover between our countries will increase by 45.4% to 1.8 billion in 2023. It was US dollars. It was emphasized that about 180 German companies are successfully operating in Azerbaijan. It is commendable that today's delegation includes representatives of those companies.

Information was provided at the event about Azerbaijan's economy, business and investment environment. It was emphasized, the non-oil economy and non-oil exports are increasing year by year that as a result of continuous economic reforms. The macroeconomic stability of our country, the creation of a strategic framework for public debt management, and the development of human capital further expand the economic opportunities of Azerbaijan. Information was provided at the event about reforms implemented in our country in various directions, including tax and customs.

The meeting also discussed the projects implemented for the development of renewable energy in Azerbaijan, and the partnership between the European Union and our country in the field of energy was emphasized. The importance of the strategic document concluded between Azerbaijan and the European Union in the field of energy, the four-way memorandum signed between Azerbaijan, Georgia, Romania and Hungary on the electric cable project to be laid under the Black Sea was mentioned.

International and regional transport-logistics projects of which our country is the author and participant, opportunities created by the Middle Corridor have been brought to the attention of German businessmen. Information was provided on the favorable investment environment created for entrepreneurs in the industrial zones, including the Alat Free Economic Zone, and the concessions applied to residents. It was noted that the increase in logistics and transport capabilities of Azerbaijan opens wide opportunities for the activities of German companies in our country.

The importance and contributions of our country to regional cooperation have been brought to attention. It was reported that Azerbaijan cooperates efficiently with the participating states of the Special Program for the Economies of Central Asian Countries - SPECA on various platforms, and free trade agreements signed with a number of countries serve to facilitate economic and trade relations. The successfully implemented Preferential Trade Agreement between Azerbaijan and Turkey is a successful example in this direction.

The meeting also expressed satisfaction with the activities of German companies in Azerbaijan and it was emphasized that Azerbaijan is an attractive place for direct investments of German companies, and further expansion of the transport and logistics capabilities of our country creates additional opportunities for German companies.

It was reported that holding the 29th Conference of the Parties to the UN Climate Change Convention, COP29 in Azerbaijan is an indicator of the importance Azerbaijan attaches to the development of the "green" economy and solving global problems.

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

German businessmen are scheduled to visit Alat Free Economic Zone and Baku International Sea Trade Port.