Dear friends!

Today, in Baku the new fine hotel is handed over in operation. I want to congratulate warmly you on this case.

The hotel meets the highest world standards. Here, the modern equipment has been established, I hope, that this remarkable hotel at a high level will serve visitors of our capital. I want to congratulate in this case and “ISR Holding”. The Company already for long time very successfully works in Azerbaijan, invests in various spheres. It is very glad, that the “ISR Holding” Company has created the new fine serving infrastructure - the hotel “Park Inn Azerbaijan”.

The beginning of activity of this hotel simultaneously testifies to dynamics of the general development in Azerbaijan as should the economy in Azerbaijan not develop with so high rates also the wide serving infrastructure, certainly, would not be created. We know, that in 1994, “The Contract of the Century”, which defined the future of economic development in Azerbaijan, has been signed. Our oil strategy started on the initiative of the national leader of our people Heydar Aliyev, promoted today to revival in various branches of economy of Azerbaijan. All of us know, that everyone manat or the dollar invested in petroleum industry promotes investment of the same means in area of infrastructure, sphere of service.

Not casually, since 1994, alongside with development of oil sector in Azerbaijan also in high rates developed the non-oil sector. In Baku and various cities and regions of Azerbaijan, have been constructed buildings, business centers, hotels, and handed over in operation It is the sign our development, its parameter.

Azerbaijan has achieved intensive economic development, becomes a rich state. On results of 2005, as a result of reforms conducted in our country, the GDP has increased for 26 percent that, as you know, is a parameter, which is not having analogue in the world. You will meet such figure nowhere - neither in the advanced countries, nor in the countries experiencing transition period. It testifies that reforms in Azerbaijan are conducted in correct direction. It is confident, that all work started by us will bring further fine results, and our country become more modern and rich.

Opening of hotel simultaneously testifies that in Azerbaijan there was a fine investment environment. In this connection, Azerbaijan also is among advanced countries of region. Azerbaijan is the state leading in region under foreign investments per capita. Foreign investments are protected up to the mark that promotes more intensive inflow of investments to our country. Only in 2005, in the national economy have been invested 3 billion 600 million dollars. Usefulness of the investment environment, certainly, renders positive influence on all branches of our economy. Business develops.

As you know, we pay big attention to development of business, and in the budget are provided large money resources on development of business every year. We take necessary measures for development of small and medium business. Due to this, for last two years, it was open 340 thousand new workplaces. In 2003, before presidential elections, speaking on election program, I have declared, that in the next five years in Azerbaijan will be open 600 thousand new workplaces. It is very high figure. I remember, that the some people concerned to this figure with mistrust. But pay attention, the life shows, that all given promises and programs find the reflection in life. For two years. in Azerbaijan it was open 340 thousand new workplaces, and this process intensively continues. The big attention in Azerbaijan will be given to development of business and henceforth, the healthy competition will be provided, in Azerbaijan, the strong class of businessmen will appear. Attributes of it are shown this year. The share of private sector in GDP of our country makes 75 percent. It testifies that large-scale economic reforms conducted by the country promoted achievement of real results.

Construction of new hotels shows, that our country integrates into the world community as the hotels built in Baku, other cities and areas of Azerbaijan testify to increase of demand more actively. I remember, 5-6 years ago the hotels functioning in Baku worked not on full power. They worked somewhere for 50 percent. Today, in Baku it is difficult to find a place. Visitors staying in our country beforehand reserve places. It testifies to growth of needs. Principles of market economy consist in it. In process of growth of needs, certainly, should appear and services.

In this sphere, in Azerbaijan is given full freedom and liberalization to what testify large-scale work done by our country on creation and accomplishment, large construction. In the country where there is construction, there is observed development. All staying in Azerbaijan officials see it, visiting presidents and heads of the governments of other countries recognize our country, that construction carried out in Baku has no analogue in one country of the world. It testifies that our economy is liberal.

Entrepreneurship is supported in Azerbaijan and all conditions are available for normal business. We shall and further pursue this policy. I am confident that these processes in the country will go faster in the 2006-2007.

As you know, the Baku-Tbilisi-Ceyhan oil pipeline will be put into operation next year. After that, the state budget will receive colossal material resources and this will enable us to faster and all-round develop our country.

The social problems should be solved more rapidly. You know, this has symbolic character. For example, yesterday I have participated at the opening of Recover Center and a school in the Zabrat settlement of Baku. The complete program on development of the Baku settlements will be soon presented, and the problems of Baku outskirts will be fully reflected there. And today I am in the opening of a modern hotel. This is the index of developed life, of the modern Azerbaijan”.

President of Azerbaijan spoke of the accomplishments the Republic has gained last years, the huge investment flow to the country.

And taking the opportunity, the Head of Azerbaijan State congratulated the people on the Day of Solidarity of World Azerbaijanis and New Year.