Germany invested $500M in Azerbaijani economy over 25 years
German companies have invested $500 million in the Azerbaijani economy over the past 25 years, Rufat Mammadov, head of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO), said during the Azerbaijan-Bavaria business forum in Baku May 31.
Mammadov said that Azerbaijan's investments in the German economy exceeded $100 million over the same period, Trend reports.
“The Azerbaijani economy has integrated to the world economy, so global changes affect our country as well, but difficulties are temporary,” he said. “Taking into account that mainly oil is exported from Azerbaijan, the income of our country depends on the change in oil prices.”
“We began to carry out reforms to develop the country’s non-oil sector in 2015,” Mammadov said. “Special privileges have been in place since 2016 to stimulate the country’s non-oil exports.”
“The country’s non-oil exports increased by 22 percent in the first four months of 2017 compared to the same period of 2016 and it will continue to increase,” he said.