OREANDA-NEWS. May 10, 2011. Germany-Azerbaijan Business Forum held on May 5 in Berlin, in the framework of official visit of the Minister of Economic Development Mr. Shahin Mustafayev to Germany supported by the Ministry of Economic Development of Azerbaijan, Germany Federal Economy & Technologies Ministry, and organized by Azerbaijan Export & Investment Promotion Foundation (AZPROMO) and Azerbaijan Embassy in Germany.

Besides government officials, up to 250 entrepreneurs engaged in agriculture and food industry, energy, finance, logistics, tourism and other sectors attended the event.

Speaking at the forum Minister Mustafayev noted that founded by National Leader Heydar Aliyev strong economic basis and successfully being continued by President of the Republic of Azerbaijan HE Ilham Aliyev changed Azerbaijan into one of the dinamically developing countries. Having informed the participants about achievements gained in different spheres of Azerbaijan economy Minister of Economic Development noted that as a result of implemented measures entrepreneurship activity expanded, favourable investment and business climate created in the country. After speaking on the economic relations between Azerbaijan and Germany and activities of German companies in the country, Mr. Shahin Mustafayev noted the importance of business forum and business meetings in further expansion of cooperation between the two countries, and invited German businessmen to benefit from favorable investment environment of Azerbaijan.

The Federal Economy and Technologies Minister of Germany Mr. Rainer Bruderle emphasized that his country is interested in expanding ties with Azerbaijan and noted of a huge potential of both participant countries. Minister also noted that Azerbaijan possesses huge carbohydrogen reserves and emphasized the important role of Azerbaijan in guaranteeing the energy security of Europe.

Further President of AZPROMO Adil Mammadov presented country's business and investment potential, Executive director of Azerbaijan Investment Company (AIC) Afghan Isayev presented the activities of AIC and areas of probable interests of German investors.

The Executive director of Germany - Azerbaijan Business Association (DAWF) Florian Schroeder gave information about opportunities for further development of cooperation between Germany and Azerbaijan.

During the Business forum, Memorandum of Understanding between Federal Ministry of Economics and Technology of Federal Republic of Germany and Ministry of Economic Development of the Republic of Azerbaijan on "Establishment of High Level Trade and Investment Work Group" was signed.

Event continued with bilateral meetings between the businessmen.

On May 6, Germany-Azerbaijan business forum and bilateral meetings between businessmen were held in Munich.