The share of German-Azerbaijani trade turnover accounts for 75 percent of the total trade of Germany with the South Caucasus countries, Azerbaijani Ambassador to Germany Parviz Shahbazov said in an interview with the journal of the German Committee on Eastern European Economic Relations.
The ambassador's interview was dedicated to the prospects and key issues of the German-Azerbaijani trade and economic relations.
Mentioning the dynamic increase of the trade turnover between Azerbaijan with Germany, which is one of the central European partners of the country, the ambassador said one of the significant events indicating the development of trade partnership between the two countries was opening of the German-Azerbaijani Chamber of Commerce in Baku.
"All this shows that economic relations have a high priority in German-Azerbaijani cooperation, and there is considerable potential in this field," Shahbazov said.
Established in March 2012, the Baku Chamber was formed on the basis of the German-Azerbaijani Economic Union, and is a part of the network of German Chamber of Commerce, which comprises similar entities in 120 countries around the world.
According to Shahbazov, the prospective areas of cooperation include renewable energy sources, education, healthcare, preparation of qualified personnel, scientific and technological researches and the development of small and medium entrepreneurship.
Shahbazov went on to say that Azerbaijan ranked 46th among the world countries in the report of the World Economic Forum on global competitiveness for 2011-2012.
Answering a question on the attractiveness of Azerbaijan for German businessmen, the ambassador said that since 2008 Azerbaijan has been applying the "single window" principle for the registration of businesses.
Moreover, the country has carried out various important reforms in the areas of regulation of employment, registration of property, taxation and protection of investments.
In conclusion of his interview, Shahbazov recalled the rich cultural ties between the two countries that have developed historically.
Soon the 200th anniversary of the first arrival of German settlers in Azerbaijan, who founded the Helenendorf city (currently Goygol) will be marked in Azerbaijan.
The Committee on Eastern European Economic Relations, which was established in 1952, is a leading association of Germany in the field of establishing economic ties with Eastern European and Central Asian countries.
The organization is supported by the Federation of German Industries, the Association of German Banks, the German Insurance Association, the Foreign Trade Association of the German Retail Trade, as well as the German Confederation of Skilled Crafts.
The Committee provides various services, including a network of contacts to government representatives and business associations in Germany and in Russia, Central and Eastern Europe, South-Eastern Europe, the Caucasus and Central Asia; coordination of the institutionalized dialogue with various cooperation councils and working groups and provision of information regarding economic development in relevant regions.
The diplomatic relations between Azerbaijan and Germany were established in February 1992.
Azerbaijani-German trade turnover amounted to $1.744 billion in 2012. In the first half of 2013, the figure was $1.066 billion, increasing by 31.3 percent.
There are over 100 German companies in Azerbaijan. Moreover, German companies have acted as contractors under 10 investment projects with a total value exceeding 460 million euros.