Germany invested about $ 500 million in fixed assets in Azerbaijan in 2002-2013, Azerbaijani Minister of Economy and Industry Shahin Mustafayev said at a meeting with the chairman of board of the German-Azerbaijani Forum Hanns-Eberhard Schleyer in Baku Sept. 2.
At present, there are 177 companies with German investments in the trade, construction, industrial, banking, insurance, agriculture, serving areas in Azerbaijan.
"The economic relations between the two countries are being successfully developed," Mustafayev said. "The mutual high-level visits and the conducted meetings are important. So far, Azerbaijan and Germany signed 67 documents in various areas."
Germany ranks fourth in the list of the main foreign trade partners of Azerbaijan. The trade turnover between Azerbaijan and Germany increased 25 percent in 2013 and by 15 percent in January-July 2014.
"Established in Baku in 2012, the Azerbaijani-German Chamber of Foreign Trade, which is the second in the CIS, plays an important role in the expansion of economic cooperation and trade relations between the two countries."
Moreover, around 200 entrepreneurs and young managers were sent to the refresher courses in various cities in Germany between 2009 and 2014 as part of a joint program to upgrade staff skills in business management in Azerbaijan.
It was stressed at the meeting that Germany's experience in the professional training of personnel will also be used in the Sumgait Chemical Industrial Park.
"The relations are being developed between businessmen," the minister said. "The various business forums and business meetings are held. Azerbaijan participates in exhibitions in Germany."
"The two countries have a great potential for further expanding the economic relations," Mustafayev said. "The effective use of existing opportunities will be useful in the development of the Azerbaijani-German cooperation."
Hanns-Eberhard Schleyer spoke about the various events conducted by the forum to develop the relations between Azerbaijan and Germany.