Azerbaijan offers German companies to create a joint enterprise in the framework of SOCAR Polymer petrochemical project, Azerbaijani Ministry of Economy said.
The offer was put forward by Minister of Economy Shahin Mustafayev addressing the meeting with a German delegation headed by Chairman of German Committee on Eastern European Economic Relations Wolfgang Buechele.
At the first stage, production capacity of SOCAR Polymer will total 120,000 tons of polyethylene and 180,000 tons of polypropylene. The total capacity may reach 570,000 tons by 2021. An industrial cluster and additional enterprises are to be created around the plant with an aim to manufacture goods based on SOCAR Polymer production.
Speaking of bilateral cooperation, the minister underlined that German investment to Azerbaijan totaled $555.8 million until now. More than 200 companies with German capital are currently operating in Azerbaijan.
Both countries have wide possibilities for cooperation in pharmaceuticals, machinery, petrochemicals, transportation and transit traffic spheres, as well as in production of electrical equipment and agricultural machinery, according to the minister.
Mustafayev invited German companies to invest to the industrial areas in Azerbaijan, take advantage of transit capabilities of the country and invest to the free trade area in Alat settlement in Garadagh district of Baku.
Representative offices of German hospitals can also be opened in Azerbaijan.
According to the State Customs Committee of Azerbaijan goods turnover with Germany totaled $894.1 million in 2017, including Azerbaijan’s export to Germany amounting to $450.46 millions.
