TODAY.AZ / Business

Azerbaijan hails German investment for regional interests [COMMENTARY]

01 March 2024 [08:30] - TODAY.AZ
Qabil Ashirov

Azerbaijan continues to diversify its economy and exports to wane the effect of oil on the country's economy. For this purpose, the Azerbaijan government intensifies its work with different organizations and businesspersons to attract foreign investors to the country.

Recently Baku hosted a delegation of the Eastern Business Association of Germany, which was headed by Michael Harms. Besides, Azerbaijan's Economy Minister Mikayil Jabbarov received the delegations, and during the meeting, business opportunities and conditions were discussed between the sides.

Many believe that cooperation with German businesspersons is important not for only Azerbaijan but also for the entire region. It is no coincidence that economist and MP Vugar Bayramov also agrees on this issue.

In a comment to Azernews on the issue, Bayramov noted that Germany is one of the countries with the strongest economy in the world. Therefore, German investors' investing more in the economy of Azerbaijan can be a great contribution to both the economy of Azerbaijan and the region. He emphasized that on the one hand, this will allow the production of more innovative products and the creation of new jobs in the economy of Azerbaijan. On the other hand, it is also very important in terms of technology transfer.

"At the same time, it can increase the export potential of the region and increase interest in the region from an economic point of view. Considering that the Azerbaijani President once again mentioned the importance of attracting foreign capital at the swearing-in ceremony, the intensification of the work done in this direction is also being observed. Because attracting foreign investment is one of the main directions in the strategy covering the years 2022-2026. Therefore, the investment attracted especially from developed countries is not only funds and investment but also the transfer of technology and know-how," Bayramov said.

The MP pointed out that cooperation with Germany is of great importance for the economy of Azerbaijan in terms of attracting and transferring technology and innovation. Of course, the non-oil sector is attractive for German entrepreneurs. A preliminary assessment shows that the Germans intend to invest in the agricultural sector, the manufacturing sector, and the service sector. He added that as a member of parliament, I also had a meeting with German entrepreneurs, and during the discussion, entrepreneurs showed their interest in agriculture and the processing of agricultural products. Some entrepreneurs want to invest in the industry. Therefore, attracting German investment is also important in terms of expanding the non-oil sector and increasing production. This corresponds to the priority goals of Azerbaijan in terms of economic diversification. We can say that the attraction of this investment will stimulate the development of the non-oil and gas sector.

"It is also important in terms of expanding exports. In general, Azerbaijan's non-oil exports have been increasing in recent years. At the end of 2023, Azerbaijan exported non-oil and gas products worth 3.4 billion dollars. This means maintaining the growth rate of previous years. Therefore, attracting investment will also expand export opportunities in the non-oil sector and create opportunities for exporting more products. Taking into account that it is also possible for those products to enter the German market and the European market. Therefore, the more innovative products, the more products according to international standards are produced, as a result, it can contribute to the increase of Azerbaijan's non-oil exports," the economist added.


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