Azeraluminium LLC, a subsidiary of Azerbaijan Industrial Corporation OJSC, and German company Achenbach Buschhütten signed an agreement to create a joint venture for the manufacture of aluminium goods in Ganja. The manufacturing of rolling aluminium products is envisaged as a part of the agreement, with a first-phase investment of $132 million and an annual production capacity of 105,000 tonnes.
On February 20, 1992, Azerbaijan and Germany established diplomatic ties. Azerbaijan opened its first embassy in Western Europe, in Germany, on September 2, 1992, while Germany opened an embassy in Azerbaijan on September 22, 1992. The two nations successfully co-operate in many economic sectors. Germany's primary trading and commercial partner in the South Caucasus is Azerbaijan. In 2021, the value of commerce between Germany and Azerbaijan was $1.2 billion.
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"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," said Mikayil Jabbarov, Economic Minister of Azerbaijan.
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