Vice Minister: Bavaria, Azerbaijan enjoy potential to increase trade turnover [UPDATE]

By Azernews

By Amina Nazarli

The trade turnover between Bavaria and Azerbaijan reached about 1 billion euros in 2016.

Bavaria's Vice Minister of Economic Affairs Franz Josef Pschierer announced the figures of the Bavaria- Azerbaijan economic cooperation at the joint business forum in Baku on May 31.

Bavaria and Azerbaijan have potential for further increase of the trade turnover and there are great opportunities for joint cooperation, according to Pschierer.

"Bavaria and Azerbaijan have friendly relations. Meetings are regularly held and business circles of Bavaria are interested in cooperation with Azerbaijani entrepreneurs," he said.

Until the end of 2017, according to the Vice Minister, the population of Bavaria will reach 13 million. Bavaria's GDP is 570 billion euros, which is a very important indicator, according to him.

“Bavaria holds leading positions in Germany's foreign economic activities, and if Bavaria was a separate country in the EU, it would rank seventh among European countries. But we have no desire to separate from Germany. Bavaria is an integral part of the Federal Republic and we have the most competitive economy in the world. We have our own export policy. Last year, our exports amounted to 185 billion euros. The economy of Bavaria is very rich and export-oriented,” Pschierer said. 

German companies have invested $500 million in Azerbaijan, while Azerbaijani companies have invested $100 million in Germany so far, Head of Azerbaijan Export and Investment Promotion Foundation Rufat Mammadov said at the event.

He added that 200 German companies operate in Azerbaijan.