
The Germany-Azerbaijan high level economic relations and the 11th Joint Economic Forum being held in Baku will boost trade and economic cooperation, Azerbaijani Deputy Economic Development Minister Niyazi Safarov said on Monday.
"The main aim of the forum is to discuss prospects of the Germany- Azerbaijan cooperation and joint consideration of action to be taken to promote cooperation," Safarov said. "The forum presents the investment and business opportunities of the country and its achievements, but signing of the documents is not expected during the visit".
Safarov praised the foreign trade transactions between the two countries.
"We are interested in attracting German investments in non-oil sector of the country, as Germany is very developed country from an economic point of view," Safarov added.
Head of the German embassy economic department and Permanent Representative of the Embassy, Peter Ziegler, expressed hope that the business forum would help to increase the potential for cooperation with Azerbaijan - the country that has shown stability in economic performance, even during the global financial crisis.
Ziegler believes funds accumulated in the State Oil Fund of Azerbaijan are reliable provision for the future development of Azerbaijan. The country's strategic reserves reached $25 billion thanks to effective operation of the Oil Fund.
"The launch of the Azerbaijan-EU negotiations on the association agreement also shows the high level of relations with Azerbaijan, and is one of the indicators for the approximation of Azerbaijan to EU," Ziegler said. "The new partnership will create the conditions for investment."
German Economy and Technology Ministry's Economic Cooperation with CIS countries Department Head Andreas Neuman said the German delegation was interested in expanding cooperation in trade and investing in oil industry, as well as alternative energy.
There was a reduction in trade turnover between Germany and Azerbaijan in 2009, but this year we observed a growth and the foreign trade turnover grew by 30 percent for four months. Germany is prepared to support Azerbaijan in the diversification of the economy. In this regard, trade turnover between Germany and Azerbaijan should exceed 2 billion euros in 2010, Neuman said.
In 2009, Germany imported 4.2 million tons of Azerbaijani oil. Azerbaijan ranks sixth among oil exporters to Germany.
The German Federal Ministry of Economics and Technology's delegation arrived in Baku today to participate in the forum.
The delegation includes representatives of 18 Germanic companies specialized in construction, technology, environment, renewable energy, food technology, agriculture, and banking and financial sector intend to explore new business opportunities and expand presence in Azerbaijan.
The forum involves nearly 50 business people. After the official opening of the forum, the German companies started bilateral negotiations on cooperation with Azerbaijani partners to discuss business opportunities.
/Trend/