Successfully investing in Azerbaijan

Foreign investors complain most about the still prevailing monopoly economy, the bureaucracy in the offices and the still relatively high level of corruption, which affects the normal course of business. Nevertheless, the situation is expected to improve in these areas because of the adoption of the Competition Code, reforms on transparency and independence of judicial bodies, and anti-corruption policies.

Germany and Azerbaijan have maintained very good bilateral relations since 1992. Azerbaijan is one of Germany’s ten most important crude oil suppliers. Germany is also a very important import partner for Azerbaijan. Germany mainly exports machinery, cars, tools, and manufacturing equipment to Azerbaijan. The importance of joint trade relations is demonstrated by the fact that Germany has founded the region’s only foreign chamber of commerce in Baku. Both countries work closely together in the areas of economic development, the environment and climate protection, as well as in many cultural areas.

Azerbaijan will continue to develop very well. Due to its large oil and gas reserves, the country remains a very important partner in the region. Azerbaijan’s GDP was estimated at USD 76.6 billion. Forecasts predict that GDP will reach USD 76.6 billion by 2029 and grow continuously by approximately 23 percent annually until 2029. These are positive forecasts for the country, and one can only hope that Azerbaijan will continue this positive development path.​​