By Azernews

By Ayya Lmahamad

Azerbaijan and Germany have signed an agreement for the establishment of a joint venture for the production of aluminum products, Azernews reports.

The document was signed between Azerbaijan Industrial Corporation OJSC and Germany's Achenbach Buschhütten company.

Within the framework of the cooperation, the production of aluminum rolling products in Ganja, with an annual production capacity of 105,000 tons and an investment of $132 million in the first phase is planned.

" According to the agreement signed between the Azerbaijani Industrial Corporation OJSC and Achenbach Buschhütten company of Germany, a joint venture for the production of aluminum products will be established. Within the framework of the project, the production of aluminum rolling products in Ganja, with an annual production capacity of 105,000 tons, and the #investment of 132 mln. dollars in the first phase of the project are planned. This will contribute to the creation of more than 800 new jobs, development of the #aluminumindustry, expansion of competitiveness, and growth of #export opportunities," the country's Economy Minister Mikayil Jabbarov wrote on his official Twitter page.

Azerbaijan and Germany established diplomatic relations on February 20, 1992. On September 2, 1992, Azerbaijan opened its first embassy in Western Europe, in Germany, while on September 22, 1992, Germany established its embassy in Azerbaijan. The two countries are successfully cooperating in various fields of economy. Azerbaijan is the main economic and trade partner of Germany in the South Caucasus.

The trade turnover between Azerbaijan and Germany amounted to $1.2 billion in 2021.