Prospects of sustainable development of the financial-banking sector of Azerbaijan, major trends at global markets and their influence on the development of the banking system of the country were discussed at a business forum organized by the Caspian European Club in Baku and held with participation of Governor of the Central Bank of the Republic of Azerbaijan Elman Rustamov on October 28.

Addressing the business forum, Governor of the Central Bank of Azerbaijan Elman Rustamov thanked the Caspian European Club for arranging the business-to-government dialogue. According to him, conduction of such meetings within the framework of the Caspian European Club enables to establish much closer cooperation between the government agencies and the private sector, which also promotes development of the economy of the country in general.

Elman Rustamov spoke in details about the work of the Central Bank of Azerbaijan, major aspects of the state policy in the field of finance-banking.

According to him, the state thoroughly monitors the economic policy which is being implemented in the country especially in the non-oil sector.

He spoke elaborately about the development of the financial-banking system of Azerbaijan, problems of the banking and prospects of further development of this sector.

The Azerbaijani economy is the most interesting one from the standpoint of the development dynamics and in the center of attention of many financial institutions. They show interest toward the Azerbaijani phenomenon and the reasons of sustainable economic development, the major banker of the country said.

Elman Rustamov also disclosed major indicators of development in the banking sphere. The policy of the state is based on capitalization of oil revenues within the non-oil sector of the economy in the most efficient manner, he says.

Issues concerning the development of the financial-banking system of Azerbaijan, legislative issues of this area, as well as matters that are of interest to the Caspian European Club companies were discussed at the meeting.

Addressing the business forum, Chief Executive Officer of the Caspian European Club Telman Aliyev thanked Elman Rustamov for a constructive dialogue as well as for attention to proposals and requests made by the Caspian European Club members during the event.

He spoke about the forth-coming II International Caspian Energy Forum - 2014 due in Tbilisi in November. According to him, the program of the conference has a one day agenda and consists of two parts. The first part will cover the development of the oil-gas, energy and environmental sectors. The Caspian European Forum dedicated to the development of the non-oil sector will be held within the framework of the second part of the Forum. He noted that Caspian European Club was established in June 2002 in association with Caspian Energy International Media Group and under intensive support of the largest oil&gas companies operating in the Caspian-Black Sea region. Ilham Aliyev, President of the Republic of Azerbaijan, has been a chairman of Caspian European Club. According to Telman Aliyev, Caspian European Club has promoted attraction of oil sector revenues into development of the non-oil sector since its establishment. Caspian European Club which brings together over 500 companies and organization is operating in 50 countries around the world, carrying out an active work on maintenance of the dialogue between government agencies and the private sector.

Governor of the Central Bank of Azerbaijan Elman Rustamov was presented an honorary membership certificate of the Caspian European Club. The certificates were also presented to new member companies of the Caspian European Club. Participating in the meeting were also executives of companies and representatives of a number of diplomatic agencies accredited in Azerbaijan.