Azerbaijan remains largest economy in South Caucasus, AHK official says

Azerbaijan remains the largest economy in the South Caucasus, demonstrating impressive economic growth dynamics, Julia Egel, Head of Stakeholder Relations and Partnerships at the German-Azerbaijani Chamber of Commerce (AHK Azerbaijan), said during a webinar titled "Development of Infrastructure, Electromobility and Renewable Energy Storage Solutions in Azerbaijan," Report informs.

She noted that the main drivers of the non-oil and gas sector remain information and communication technologies (ICT), tourism and transport. She also highlighted the significant level of digitalization of Azerbaijan's economy, as well as sustained growth in freight and passenger transportation.

"A stable macroeconomic environment in the republic creates favorable conditions for implementing investment projects and enabling foreign players to enter the local market.

"Amid the transformations taking place in the country's energy sector, the need for modern technological solutions is growing. Particularly high demand is being observed for German technologies and innovations in digitalization, as well as projects in the renewable energy segment, where German companies have extensive experience and are ready to provide the relevant equipment," Egel said.