(MENAFN- AzerNews)
Qabil Ashirov Read more
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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