Iteca Caspian - Germany invests $400M in Azerbaijan’s economy

Germany invests $400M in Azerbaijan’s economy



German companies operating in Azerbaijan has invested more than $400 million in the country’s economy, said Samir Veliyev, head of administration at the Azerbaijani Economy Ministry.

Veliyev made the remarks Nov. 23 during an international forum in Baku.

Currently, 169 German companies operate in Azerbaijan, and some of them are contractors in governmental projects, he said.

“Relations between Azerbaijan and Germany are at a high level and it concerns both political and economic relations,” noted Veliyev adding that 70 documents were signed between the two countries.

“The technical and financial cooperation at the governmental level should also be noted: as part of technical cooperation the German government has allocated 56 million euros to Azerbaijan, and as part of financial cooperation the German bank KfW has provided 240 million euros to our country,” he added.

Veliyev went on to say that Germany is of great importance for Azerbaijan and as a foreign trade partner of Azerbaijan ranks the fourth in the list of the country’s major trade partners