BAKU HOSTS CONFERENCE ON FOREIGN DIRECT INVESTMENT
Baku hosted the business forum and international conference on “Foreign direct investment: Opportunities and challenges for Black Sea and Caspian region” with the organization of Union of Black Sea and Caspian Confederation of Enterprises (UBCCE) on Tuesday.
The 18 member countries of UBCCE, 100 representatives from Austria and Tunis attended the event.
President of Turkish Industrialists and Businessmen’s Association (TIBA) Arzuhan Dogan and President of Azerbaijan Turkey Businessmen Association (ATBA) Ahmet Erentok have made speech at the opening ceremony.
The 9th President of Turkey Suleyman Demirel`s video address was demonstrated at the conference. Ex-President highly appreciated economic opportunities, geographical position and investment environment of Azerbaijan and stressed its regional importance .
Azerbaijan Minister of Economic Development Heydar Babayev read Azerbaijani President Ilham Aliyev`s congratulatory letter to conference participants.
Mr. Babayev expressed his confidence that this conference will once again demonstrate Azerbaijan’s regional importance. Informing about the processes on economics of Azerbaijan, the Azeri Minister noted that the reason of the economic development in Azerbaijan was an establishment of stability by national leader Heydar Aliyev in the country. The direct investments, including realized regional projects gave a push to economic development.
Minister said: “Internal investments have already exceeded foreign investments in Azerbaijan. The economic opportunities of our country are rapidly increasing and these opportunities are being directed to develop non-oil sector and to increase population’s prosperity. Last year Azerbaijan took the leading places in the world for its economic increase temp (34,5%), and we are expecting the same result in this year. GDP was 17,2 billion USD in the first eight month of 2007. It is more than last year for 32,5%. Azerbaijan takes first place in UN for its per capita investment. From 1995 to 2007 June 42 billion investment was putted to Azerbaijan economics, 70% of which are foreign and direct investments. The investments will reach to 6 billion USD till the end of the year”.
Mr. Babayev also informed about the realized projects for push of regional development with Azerbaijan’s attendance.
Further, at the session, speaking was Deputy Foreign Minister of Azerbaijan Mahmud Mammadgulyev, Alparslan Gorkhmaz (Turkey), Almaz Khudaibergen (Kazakhstan), UNDP Business Development Adviser Giuseppe BELSITO, head of the Board of the Azerbaijan International Bank Jahangir Hajiyev and Director General of “Azercell” Halm Atesh, UMCE Secretary General Monia Shciere, Chairman of the Marmara Group Association Akkan Suver, Michael Liovie (Austria), Mikhail Davey (EBRD), industry and energy minister of Azerbaijan Natig Aliyev, Sharaf Egen (Turkey), TPAO president Mehmet Uysal, special envoy of the European Commission Alan Vadams, who noted importance of foreign investments and challenges for the region.
At the conference, UBCCE and UMCE have signed Memo on Understanding, after which the Austrian Industrialists Federation was admitted to the UBCCE membership.
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