ECONOMY
BLACK SEA BUSINESS DAY WRAPPED UP IN BAKU
The event attracted over 250 participants representing Governments of the BSTDB member states, international instructions and banks. Counselor of state for economic policy affairs Vahid Akhundov read out to forum participants the congratulation letter of President of Azerbaijan Ilham Aliyev.
Economic Development Minister Heydar Babayev reported on the annual meeting of the BSTDB Board of Governors.
According to H. Babayev, Azerbaijan achieved some accomplishments during its presidency with the BSTDB ending the fiscal year with profits for the first time. H. Babayev stressed Azerbaijan met all its obligations and called on other countries to do the same.
Speaking of economic accomplishments of Azerbaijan, H. Babayev said last year Azerbaijan registered the highest economic growth rates in the world and that the growth is expected to be even higher in 2006.
Minister touched upon Azerbaijan-initiated Baku-Tbilisi-Ceyhan oil pipeline, Baku-Tbilisi-Erzerum gas pipeline and Baku-Tbilisi-Kars railway projects as well as Great Silk Road, saying national leader Heydar Aliyev’s political course is successfully continued by President Ilham Aliyev.
According to H. Babayev, Azerbaijan is like the corridor between the Central Asia and Europe, playing a key role in transporting energy carriers from the Caspian basin countries to Europe. He, in particular, pointed out to the Baku-Tbilisi-Ceyhan oil pipeline commissioned a few day ago and Baku-Tbilisii-Erzerum gas pipeline coming on stream shortly.
H. Babayev dwelt upon the work done towards non-oil sector development, poverty reduction, creation of new jobs, improvement of infrastructure, adding that favorable business environment created in Azerbaijan attracts potential foreign investors. Minister expressed hope that today’s forum will contribute to strengthening business contacts among the region’s countries.
President of BSTDB Hayrettin Kaplan thanked the government and people of Azerbaijan for warm welcome and excellent organization of the event. According to him, the fact that the forum is held in Azerbaijan is indicator of the country’s increasing prestige in the international arena.
N. Kaplan highlighted the key role Azerbaijan plays in regional cooperation, saying that good conditions for doing business have been created in the country.
The forum continued its work in working groups. Finance Minister Samir Sharifov, deputy Economic Development Minister Mikail Jabbarov, member of the National Bank’s Board Rufat Aslanly, BSTDB vice-president Sofia Kassidova, General Director of the MicroFinance Bank of Azerbaijan Thomas Engelhardt, EBRD country director for the South Caucasus Michael Davey delivered their reports on a variety of topics.
In accordance with the decision reached at the annual meeting of the Board of Governors on 10 June, the agreements awarding credit lines to Azerdemiryolbank, Kapitalbank and Tekhnikabank were sealed in the end of the forum. The loans are designed for financing small and medium enterprises and promote the development of trade and industry.